Q2/23 Downtown Market Report

Bradford Allen is pleased to share with you our latest office market report.

This quarter in the downtown office market:

  • Absorption levels turned positive in Q2/23, as more than 64,000 square feet of office space was absorbed this quarter—a significant improvement compared to the negative 1.8 million square feet of absorption in Q1.
  • Direct vacancy rate remained steady, sitting at 19.2%.
  • The gross asking rate for the market is $44.25 p.s.f.
  • Available sublease space increased to 7.8 million square feet in Q2/23.