Rates are up everywhere! The “shoe is on the other foot” and landlord’s are pushing rents. It is not a tenant market…at all.
A lack of new construction catering to smaller (sub-30,000 SF) users is aiding inside-the-belt landlords but there is not a huge number of 50,000+ SF options either.
There is even trickle down to less-desirable locations as local businesses seek some form of relief from rising taxes and rental rates.
With nothing on the horizon except possibly rising interest rates, renew early and often and if you think you need more space next door – and it becomes available- grab it!