Consistent with our national office story, we expect a few years of insipid rent growth and returns for most US office markets. Expensive coastal metros will continue to see weak demand as high rates of sublease availability convert to vacancy as leases expire. San Francisco will suffer the most from this, but Denver also has high sublease availability rates, while the outlook for Portland has also softened. Indeed, one of the major stories over the next few years is that although tech employment may continue to grow strongly, this will not always translate into net absorption in the more traditional tech cities.
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