MARKET TRENDS
- The overall availability rate rose steadily for the eighth consecutive quarter, increasing 190 basis points (bps) year over year, as more direct space is listed on the market
- Suburban leasing activity showed a notable uptick this quarter, led by Anduril’s 163,000-square-foot lease at 1050 Winter Street which was originally slated for office-to-lab conversion
- Overall and Class A average asking rents ticked up slightly year over year by 4.2% and 2.5% respectively, as halted lab conversions and rebounding activity provided a positive boost for demand