Occupancy rates increased from 86.30% to 86.39% since last quarter, and rental rates decreased from $21.53 per sf at mid-year to $21.29 per sf, according to the Bowers report. Bowers says there have been "significant concessions in free rent, lease assumptions, above standard improvements and escalations."
In addition to what Bowers says is "near record" space availability among owners, "there is still approximately 5 million sf of sublease space on the market."
While he sees "greater activity in the marketplace than many realize, . . . absorption is being offset by space returned to the marketplace."
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