Leasing

There is a widening divergence in absorption and rent growth.

Many companies are also putting COVID-19 relief funds toward renovating amid historic staffing shortages.

As office vacancies continue to climb in SF, the lease is the largest in the city since the pandemic began.

Slowing rent growth and below-average absorption are also issues to watch.

Rent growth climbed 19% YoY, according to Cushman & Wakefield; space now fetching $8.36 per square foot.

The firm has executed a new lease with Franklin Templeton, which brings the Baltimore office property to 91% occupied.

Meanwhile, office continues its bumpy ride.

Leasing activity dips to 2.8M SF in Los Angeles as several tech sector deals fall out of contract.