Office Leasing Hits New Lows: Post-GFC Challenges & Market Bright Spots

New lows for office leasing activity (worse than GFC, ouch...)

Continued headwinds:
-- Vacancy and availability rates climb past GFC levels
-- Asking rent growth flat at 1%
-- Leasing volumes weak at 66mn sq ft, down from 72mn in Q1
-- 23 of 50 largest markets show availability rates exceeding GFC highs
-- Sublease discounts widen, potentially signaling more rent weakness

Bright spots:
-- Only 5 of 50 largest markets show negative YoY rent growth
-- Some markets like Miami and Las Vegas outperforming

Source: JPM