U.S. office market conditions continue to favor owners but are moving closer to equilibrium as the current cycle edges toward maturation in more markets.
Overall net absorption totaled 7.2 million sq. ft. in Q1, down about 50% from the prior quarter.
The technology industry remains the leader in office leasing activity, accounting for 19.0% of total leasing in Q1—a slight uptick from the share in 2016. High-tech was followed by business services (11.8%) and creative industries (9.6%).