Phoenix, Norfolk, and Atlanta led office lease renewals in a recent analysis by Moody’s Analytics REIS, while New York City and Chicago lagged at the bottom of the heap.

Moody’s analysts determined this when they examined recently expired leases relating to office properties collateralizing CMBS loans where at least one top five tenant had a lease that expired within the last six months in 10 cities. Analysts then aggregated data to the metro level with sample sizes of 10 to 50 office properties per metro area.

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