OFFICE – Key Metrics
OFFICE RENT
$24.00
$21.57
$22.00
$21.65
$20.00
$18.00
$16.00
$14.00
$12.00
$10.00
2019
2020
2021
2022
2023
2024
Source: JLL
Positive net absorption in Q1 2024 exceeded 95,000 square feet, the highest absorption rate since Q2 2022. Notable leases included Evolution Gaming (34,000 sq. ft.), Vervint (19,000 sq. ft.), Rockefeller Capital Management (10,000 sq. ft.), and Booking.com (5,500 sq. ft.). As vacancy rates continue to shrink, direct rent ticked up from $21.22 sq/ft in Q4 2023 to $21.65 in Q1 2024. That compares to $21.57 sq/ft in Q1 2023. Rates for office space peaked in Q3 2023 at $22.06 sq/ft.
OFFICE SPACE UNDER CONSTRUCTION
450K 400K 350K 300K 250K 200K 150K 100K 50K 0
0 sq/ft
2019
2020
2021
2022
2023
2024
Source: JLL
The office construction pipeline was exhausted by mid-2023. No new significant office construction was reported in Q1 2024.
05
STATE OF DEVELOPMENT – DIVING DEEPER
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