JLL's recent chart of the week, showing gross office leasing activity, presented what might be a surprise given the doom and gloom the sector faces. Leasing activity improved in the second quarter with the fastest growth rate since 2021 Q2.
However, tempering the good news somewhat is context. The 41.9 million square feet of leasing, is still not at the 47.9 square foot level of 2022 Q2. Compared to pre-pandemic 2019, it is 27% lower.
Out of 53 tracked markets, 35, or 66%, saw quarter-over-quarter growth. Since Q1 2019 where 74% of markets saw growth, only in Q1 2021 was a greater percentage, 72%, of markets growing.
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