Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 56

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 56
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's)

     81

     124

     205

     Average Effective Rents per Square Foot
      
     $
     32.88

     $
     46.25

     $
     40.98

     Tenant Improvements per Square Foot
      
     $
     53.09

     $
     11.74

     $
     28.02

     Leasing Commissions per Square Foot
      
     $
     17.04

     $
     14.67

     $
     15.60

     % Change in Renewal Cash Rent vs. Expiring

     12.3
     %

     Retention Rate %

     70
     %

     Year Ended December 31, 2024 Leasing Activity
      
     New Leasing

     Renewal Leasing

     Total Leasing

     Square Feet (000's)

     430

     376

     806

     Average Effective Rents per Square Foot
      
     $
     30.57

     $
     35.13

     $
     32.70

     Tenant Improvements per Square Foot
      
     $
     47.77

     $
     7.54

     $
     29.00

     Leasing Commissions per Square Foot
      
     $
     13.99

     $
     9.82

     $
     12.05

     % Change in Renewal Cash Rent vs. Expiring

     5.9
     %

     Retention Rate %

     49
     %

   Operating Expenses Our operating expenses generally consist of utilities, property and ad valorem taxes, insurance and site maintenance costs. Increases in these expenses over tenants’ base years (until the base year is reset at expiration) are generally passed along to tenants in our full-service gross leased properties and are generally paid in full by tenants in our net leased properties. Conditions in Our Markets Positive or negative changes in economic or other conditions in the markets we operate in, including state budgetary shortfalls, employment rates, natural hazards and other factors, may impact our overall performance. While we generally expect the trend of positive population and economic growth in our Sun Belt cities to continue, there is no way for us to predict whether these trends will continue, especially in light of inflation and elevated interest rates as well as potential changes in tax policy, fiscal policy and monetary policy. In addition, it is