- Encouraged by improved occupancy, owners of Class A+ assets in the CBD have become slightly more aggressive with their asking rates.
- While not representing an overall market trend, their efforts are likely to trickle down to all building classes, indicating continued improvement in the downtown market.
- In the suburban market, large, well-capitalized buildings are resetting rental rates, enabling them to more effectively compete for tenants with very attractive offers.
- Going forward, researchers expect modest improvement through the balance of the year.
- Remaining sublease space will continue to push downward pressure on rental rates, but the lack of new development projects positions the region well for recovery.