strengthen continued Throughout our morning. Good to across office have fundamentals leasing markets. XXXX,
XXX,XXX pleased that reported to XXX,XXX increased and to healthy leasing square leasing report XXX,XXX feet. activity in feet the increased and square that these total activity volumes the activity continued leases have of second During we new square square to was activity that of quarter. total first quarter feet.
I'm of comprised year, of feet leasing this We new XXX,XXX had leasing improve today to
results. of trends highest our have contributed new this leasing positive these industry company's to fact, that are There quarter several was in the In history.
has conversions quarters At construction premium to obsolete sublease X been record decreased a of A significant office also office occurred. in markets in same space New now portion the the has number a of for has demolition has space declined leased and and row. time, lows. our all-time buildings of
trends, result a supply is lease the these of or competition of from As space new decreasing. high-quality
tenants is conducive the we in over by feet are second supply renewal place from shift. requirements. that also quarter. side looking to in prospects on large renewed the leasing bigger an to market side, demand year. the environment. overall requirements XX% have with On demand the same the increased space are more The seeing year-over-year.
At time, There JLL a reporting square are the more XX,XXX XX% nationwide, improvements nationwide JLL and fill tenants of estimate translated in This tenant improving that up have XX% prior
driven lack We office expect which long-term the one be favorable real debt market. by real to improvements estate believe Today, a pace continues the gradual, in market been in these the of our for we strategic primarily biggest of challenges to the of transactions, but has estate be liquidity execution. office
the in sale office the past for Over there few very This is have heavily few suppressed options new loan sector. transactions. years, been originations office
some open there CMBS muted, to markets has will flexibility. and While started has which slight up, debt liquidity are still The facilitate a tolerance. market capital been help
Block We well-capitalized faces longer-term these strong portfolio the XX the becoming with market was tenants were new to This this, giveback, a the XX,XXX to office at markets we operator. operated economics this in trends. is XX,XXX pathway positioned X believe previously foot properties WeWork benefit success foot a lease operation is still we prime property. feet execute leasing The within by where for quarter signed a operational Despite and occupied square square we suites. owners. This months this further square the largest energy we lease our of quality shifting lease we whole, lease X-year at signed a new of transaction challenges. in in square to of our smaller space tenant. that backfilled Orlando, space.
We Phoenix, the with And in growth now to is Collection that specifics plan that into from At vacate. lease were from FRP of the co-working of XX,XXX clearer subdivide results.
The leaves On WeWork to the able where share structured feet over which XX,XXX the half credit
We take terms who As floor at XX,XXX at the spaces back Raleigh. have was terraces finalize we indicated lease from space utilized from well bankruptcy did square portfolio.
In XX,XXX the these the of in remaining square lease the that our in some emerged took which our in feet at has XX,XXX July, with ultimately already is to we portfolio. completed. floor foot entire last X looking will on XX expect WeWork, back Dallas. we square foot we suites spaces, Block us of are to when call, rightsizing prospects they best regard, in in a lease WeWork a November, the And our expectation in
our on in positioned we advantage competitive well very for of of enhance Corridor Petersburg Camelback are St. vintage all executing from at properties.
Of well-located quarter value renovations provide designed City have in of we the X Center the in that at approximately and million XXXX million to $X submarkets. conclusion will vast amenitized strategic portfolio leasing program, XXXX X Pima leasing as strongest invest Dallas or projects, and expect spent McKinnon. and recently the reside in to greatly properties upgrades significant majority at Office's we Scottsdale At some will a of newer of Phoenix's at renovation into City end. also the success. making $X in property uptown focused profile These We're an renovated these Center, this Aside enhancements are leasing, are
commercial separately Petersburg, is Petersburg initiative office underway, desirable and community strong increasingly highest quality property become Florida we the and residential amenity population property. great the special rates of While over a are a both has This years created has the an St. demand downtown that our with in market. grown residential occupancy has of have life been office the at and renovation country. X offerings.
The a XX% It some in waterfront City exploring of for and St. development. last value-enhancing is Center in
into development with advancing Today, would profits. redeveloping mixed-use contributing are premium entail of been developer a we've potential parking land residential in of this condominiums. city participating development venture likely regarded high-rise parking time, the some progress For the opportunity.
The garage and in the discussions we form to us garage with centers advanced future stand-alone a highly
subject redevelopment in of some number possible any beyond remains conditions, update City the to of are year. to hope of our a While control, we later an Center which provide
As updates these Diego we creative continue ways Life portfolio disposition, our further with value, calls Science plans meaningful we'll future we and acquisition to provide to are as shareholder and on San enacted. transformational did generate focus on
our track I have mentioned, quarter quarter. our updates prior of our the guidance all to aspects from expectations.
Accordingly, continue this this we reiterated Aside results
and balance call to financial I'll opportunities. more over hand property we on other our of With value-enhancing detail. the results discuss the year, the will focused to Tony remain leasing, For that, upgrades in completing our