The chart below highlights the current level of large Class A blocks of office space available by submarket. We consistently track this metric, and it has not moved appreciably in the last few quarters. That is not to say demand has been lacking. In fact, most of the recent absorption has been taking place in the newest developments.
The issue here is that a good portion of the space highlighted below is in older, less competitive buildings across the various submarkets, which does not meet the needs of today’s tenants.