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Office 21Q3 Research & Forecast

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• Summit Pointe delivered phase II earlier this year, adding 170,000 square feet of Class A office space to the market. This delivery, which is currently in lease-up, was the first speculative development to be delivered to the market since 2014. The leasing activity of this building is a good indicator of current and future Class A office demand in the market.  The building has secured multiple large tenants, including Arizona College of Nursing signing a 21,880 square-foot lease in July, with occupancy set to occur in January of 2022

• Available sublease space continues to be added to the market, with 336,000 square feet of sublease space available to end Q3 2021.  This is more than double the amount of available sublease space that the market showed at the beginning of the pandemic, when the market showed 148,492 square feet of available sublease space.  There are contiguous sublease spaces of all sizes available, from under 1,000 square feet of space up to over 70,000 square feet of contiguous space, including the entirety of Corporate Center V of the Pembroke submarket, which totals over 70,000 square feet of space throughout four floors.

• There are over 100 tenants looking for over 1 million square feet of office space in the Norfolk market, highlighting the office demand in the region. Some of the most prevalent tenant types looking for space in the market include defense contractors, government entities, and medical office users.

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Office 21Q3 Research & Forecast

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