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Renewals and relocations drive office leasing activity

  • ​​In the first half of 2017, over 1.3 million square feet of office space was leased.
  • A majority of the activity was driven by renewals. Together with relocations, these two deal types represent 91 percent of all signed leases. While renewals were the largest category in 2015 and 2016 as well, they only accounted for roughly one-third of leases in those years.
  • Also differing from the past two years, was the lack of expansions. This is consistent with a recent trend of tenants doing more with less by maintaining stable or shrinking their footprints.
  • However, this trend may be short lived as half of the active tenants in the market are looking to grow.​

Source: JLL Research

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