Sublease Availability Hits New Peak: Sublease space rose to 11.8 MSF in May 2025, up from 10.8 MSF in April, marking the highest level of the current cycle. While elevated, sublease availability remains within the 1.0%–1.3% forecasted range of total inventory.

Overall Availability Approaches 100 MSF: Total available space increased by 2.3 MSF month-over-month to 99.4 MSF, driven by continued caution among occupiers and a pause in large-block leasing activity.

Leasing Slows, But No Major Shifts in Market Balance: Large-block leasing has paused, with no new 500K+ deals inked this far quarter to date, contributing to slower velocity. Even so, stable vacancy and a restrained construction pipeline continue to support near-term equilibrium.