• The second quarter of 2021 saw the pendulum begin to swing back to center as negative absorption and increasing vacancy began to slow down significantly. 

  • Numerous companies this quarter removed and reoccupied space they had placed on the sublease market in 2020, showing the demand for office space is continually rising.

  • While vacancy continued to increase in Q2 2021, the rate of increase began to exhibit signs of slowing down. Vacancy rose 140 basis points (bps) quarter-over-quarter to 20.5%. Similarly, availability increased 30 bps to 25.2%.

  • The trend of slowing development activity continued in Q2 2021, with under construction projects decreasing to 4.8 million sq. ft.