Construction activity remained high, with over 1.5 mil sq. ft. in development.

 

The unemployment rate was 40 basis points (bps) higher than the previous quarter at 7.2% and is still historically elevated due to ongoing public health conditions and restrictions.

 

Sublease availability remained the same quarter over quarter at 2.7% and sublease vacancy decreased 20 bps to 1.3%, both of which are well-below levels in previous recessions. 

 

Activity in venture capital reached the second highest amount on record in Q1 2021, with $1.8 billion of venture capital raised by life sciences companies and $427 million raised by tech companies.