The availability rate rose by 160 basis points (bps) to 22.4%, the fourth consecutive quarterly increase.

The average asking lease rate was stable at $27.37 per sq. ft.

Leasing activity decreased 27%, from Q3 2020 to 909,000 sq. tt.

Net absorption was negative for the fourth consecutive quarter at negative 2.5 million sq. ft.

Office using employment stands at 945,700, 93.6% of pre-COVID levels.