Record large lease volume tightens supply
A surge in large leases of 100,000 sq. ft. or more during the second half of the year boosted net absorption and reduced available space options. Expanding tech tenants were responsible for 14 of 20 large lease transactions in 2017, which totaled 3.9 million sq. ft. Under construction large block availabilities were most impacted and dropped from seven at the start of 2017 to two by year-end.