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The unemployment rate in the GMA has dropped for a third consecutive quarter to reach 8.1 percent. The recent sustained positive momentum in the labour market has helped total available sublease space fall below 1.0 million square feet for the first time since Q3 2011. The office leasing market is beginning to reap the benefits from the improving labour market with total net absorption in 2016 reaching 550,937 square feet. However, new construction and building conversion activity remained high this year with over 1.0 million square feet of space being added to the market inventory. Although market conditions have improved in the last 12 months, the total amount of available space across the GMA remains historically high.
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