With a growing percentage of the population vaccinated and case numbers declining concurrently, companies are formalizing and even accelerating plans to return to the office. We are seeing this in our conversations with current and prospective tenants, and more broadly in the increase in tenant tours and requirements across our markets. Both our first quarter leasing activity, in terms of volume, and our current leasing pipeline, that is, deals in leases, LOIs or proposals, are back on par with our long-term averages. Quarter after quarter, our rent collections are in the high-90 percent range, and we are now successfully collecting essentially all previously deferred rents due for payment.
Our focus on thriving tech and media industries; our high-quality, growth-oriented tenants; our premier, modern portfolio; along with our ample liquidity and excellent JV partners ideally position us for a post-COVID era and beyond. We remain focused on growth. In addition to One Westside, which will deliver nearly 600,000 square feet fully pre-leased to Google in first quarter of next year, our future development pipeline totals over three million square feet, of which 40% are prime studio-related opportunities. We are also actively evaluating a number of value-add office and studio acquisition opportunities, and look forward to sharing more on this front as potential transactions progress.
Victor Coleman
Chairman & CEO, Hudson Pacific Properties