The team of Sergio Castaneda, John Marold, Mitch Bradley and Lang Williams are now projecting 1.46 million sf of office leasing to take place along the corridor in the next 12 months, a 19.7% drop from the previous projects of 1.82 million sf.
Although the leasing activity at almost 1.5 million sf is still relatively strong, the team reports that the majority of the activity "results in cannibalization--the movement of companies into one property at the expense of others."
Projected absorption is also declining, falling to 625,000 sf from 882,000 sf, about a 29% drop. A total of 91 tenants are looking to occupy the 1.46 million sf in the next 12 months, according to the team's market update.
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