7. Operating Leases

In February 2017, the Company signed a lease for new office space in Brooklyn, New York, and began occupying the space in December 2017. The lease covers three floors totaling approximately 80,000 square feet, requires total future minimum lease payments of approximately $52.5 million and will expire approximately 12 years after the July 1, 2017 lease commencement date. Related to this lease, the Company could be eligible for certain state and local incentives that are dependent on construction build, employment levels, the Company's taxable income and other factors. The Company is in the process of applying for such eligibility, but is not currently able to assess the potential benefit these incentives may yield over the lease term.

The Company leases office facilities under non-cancelable operating leases in Maryland, New York, California, Colorado, North Carolina, Virginia, Hong Kong, South Africa and the United Kingdom. The Company also leases office equipment under non-cancelable leases. As of December 31, 2017, the future minimum lease payments were as follows (in thousands):

2018	$	9,308
2019		11,862
2020		11,549
2021		13,685
2022		13,719
Thereafter		82,187

Total future minimum lease payments	$	142,310

The future minimum lease payments due under non-cancelable operating lease arrangements contain fixed rent increases over the term of the lease. Rent expense on these operating leases is recognized over the term of the lease on a straight-line basis. The excess of rent expense over actual lease payments is reported in non-current liabilities in the accompanying consolidated balance sheets. The deferred rent liability related to these leases totaled $6.5 million and $2.5 million as of December 31, 2017 and 2016, respectively. The Company does not have any subleases as of December 31, 2017.

Total rent expense from non-cancelable operating lease agreements (net of sublease income of zero, $0.3 million and $0.3 million) was $8.5 million, $5.8 million and $3.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.