In keeping with history, first quarter activity tends to be more measured compared the remainder of the year. The slower growth in the office market that was seen at the end of 2019 carried over into the first quarter of 2020 with just under 167,000 sq. ft. of negative absorption.
Despite several sublease availabilities being added to the market, the sublease vacancy rate remained steady quarter-over-quarter at 1.6% as several tenants leased sublease spaces throughout the city. Projections are for an increase in sublease availabilities over the next two quarters as projected job losses hit the market.