Sublease availability continued its upward climb to 14.7 million SF in August, setting a new cycle high. Total availability increased to 104.1 million SF, though the pace of increase has slowed from earlier this year.

Large block availability (>250,000 SF) recorded a month-over-month decrease, a positive sign that some of the larger blocks of vacant space are getting absorbed even as overall availability continues to edge upward.

Leasing momentum is showing signs of life, with an abundance of renewals leading and new leases starting to pick up. With only approximately 3 M SF of new supply expected to deliver by year end, vacancy is likely to remain elevated but comparatively stable as the market works through existing availabilities.