→ Total availability declined further to 96.7 MSF in January, down from 98.9 MSF in December, marking a fourth consecutive month of contraction. The continued decline reflects steady leasing activity occurring amid a limited pace of new speculative deliveries.

→ Sublease availability fell sharply to 11.4 MSF, down 13.1% month-over-month and reached its lowest level since early 2025. The contraction was driven primarily by South Atlanta and the Northeast, where several large sublease blocks were absorbed or withdrawn.

→ Sublease space is burning off without being replenished, effectively handing direct space back to landlords in some cases. But with fewer tenants contributing secondary space and minimal speculative supply arriving, overall availability continues to tighten, reinforcing a shift toward more balanced market conditions.