MARKET TRENDS

• After the previous quarter’s outsized volume, leasing fell to about 475,000 square feet (sf) in Q4 2025, with few large deals executed
• Availabilities declined modestly across 2025, while the sublet market continued to stabilize and is now at its lowest level since 2020
• Flight-to-quality trends accelerated in the second half of 2025, with 84.9% of total leasing volume allocated to class A space

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