Submarket Snapshot_4Q2023_Office_Interactive

OFFICE 4Q23 SUBMARKET SNAPSHOT NORTHWEST CORRIDOR

MARKET

4Q 2023

3Q 2023

4Q 2022

CARA STAMP Research Manager Tel: +1 303 218 3258 cara.stamp@cushwake.com MINH NGO Research Analyst Tel: +1 303 312 4293 Minh.ngo@cushwake.com

Inventory (SF)

8,859,216

8,859,216

8,859,216

Under Construction (SF)

101,200

101,200

0

Direct Vacancy (all Classes)

19.7%

19.8%

18.9%

Direct Vacancy – Class A

20.9%

21.3%

21.7%

Direct Vacancy – Class B

18.0%

17.4%

14.6%

Sublease Availability

548,921

571,626

339,408

Avg. Direct FSG Asking Rate (all Classes)

$30.75

$30.66

$30.92

Avg. Direct FSG Asking Rate – Class A

$32.38

$32.31

$33.00

Avg. FSG Asking Rate – Class B

$26.92

$26.91

$26.39

Net Absorption – Current Qtr. (SF)

6,412

-9,537

-218,863

A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com. ©2023 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. cushmanwakefield.com

Net Absorption – YTD (SF)

-255,567

-261,979

-265,765

Leasing Activity – Current Qtr. (SF)

98,589

62,987

44,556

Leasing Activity – YTD (SF)

293,163

194,574

383,702

RENTAL RATE VS. VACANCY RATE

HISTORICAL SUBLEASE AVAILABILITY

700,000

22.0%

$28.00 $28.50 $29.00 $29.50 $30.00 $30.50 $31.00 $31.50 $32.00

600,000

20.0%

500,000

18.0%

400,000

16.0%

300,000

200,000

14.0%

100,000

12.0%

0

Direct Avg. Asking Rate (FSG)

Direct Vacancy Rate