News

• Demand for office space cooled in June. High inflation and economic uncertainty have caused occupiers to delay making long-term lease commitments.

• The U.S. Leasing Activity Index fell 4 points to 91 in June. The index is down by 8 points since January but is up by 15 points from a year ago.

• Three of the 12 Pulse markets recorded increases in their June Leasing Activity Index levels: San Francisco (+18 points), Seattle (+16 points), and Dallas/Fort Worth (+2 points). Index levels were unchanged in Houston and fell in the remaining eight markets.

• The U.S. Tenants in the Market Index edged down 2 points to 93 in June. Despite the slight drop, the index remains near the pandemic-era high of 95.

• The U.S. Sublease Availability Index was unchanged at a level of 201 in June. The index has increased by 5 points since the start of the year but remains below the pandemic-era high of 206.

• Despite a downtick in June leasing activity, Boston continued to lead the Pulse markets in office demand recovery, followed by Dallas/Fort Worth and Los Angeles.
 

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