The overall asking rate decreased for the first time in three years to $3.17 FSG. Although a quarter-over-quarter decrease, the asking rate is still the second highest on record and $0.11 higher than Q2 2019.

The unemployment rate was 1180 basis points (bps) higher from the previous quarter and 390 bps above the previous record-high reached in 2010. The unusually high unemployment rate can be attributed to current public health conditions.

Sublease availability increased 60 bps to 2.2% and sublease vacancy increased 10 bps to 0.8%, but is still well below levels in previous recessions.