• Monthly leasing activity totaled 0.78 million sq. ft., 46% behind the five-year monthly average of 1.44 million sq. ft.
  • Year-to-date leasing activity was down 19% compared to the same period last year.
  • Renewals totaled 38,000 sq. ft. in August, bringing the year-to-date total to 2.79 million sq. ft.
  • The availability rate climbed 50 bps to 11.1% in August, but was down 10 bps year-over-year.
  • Net absorption was negative 1.18 million sq. ft. in August, bringing the year-to-date total to negative 2.24 million sq. ft.
  • The average asking rent remained flat at $87.42 per sq. ft. but was up 12% from one year ago.
  • Sublease availability was 2.4%, with an average asking rent of $62.29 per sq. ft., up 8% year-over-year.