The numbers don't tell the story. Leased is not the same as Occupied. As we've said all along, those leases dont have butts in the seats and as they come up for renewal, that's when you'll start seeing the numbers change. What you should look at is the cars around the buildings. Are the lots as full as they were before the pandemic? If not, then you're not getting a good picture.

Those same building owners know this too, so they're holding on to those leases and charging the full amount for early termination because they know the flip side is going to be dark times. There aren't really too many places around town that are not only fully leased, but fully leased where people are still fully coming in.

Underutilized spaces will either sublet or reduce as those leases come up too. We're nearing the 5 year mark, so between now and that 10 year mark, be ready.....