Leasing activity totaled 344,000 sq. ft. in Q2
2020, a 59% decrease from Q1 2020, and 74%
behind its five year quarterly average.
Renewals totaled 25,000 sq. ft. in Q2 2020,
pushing the year to date total 263,000 sq. ft.
The availability rate decreased 10 basis points
(bps) from the previous quarter to 10.6% in Q2
2020 but remains up 60 bps from a year earlier.
Net absorption improved from the prior quarter at
positive 110,000 sq. ft. in Q2 2020, bringing the
year to date total to negative 743,000 sq. ft.
The average asking rent was virtually unchanged
from the prior quarter at $86.34 per sq. ft. but
was up 4% year over year.
The COVID 19 lockdowns that extended
throughout Q2 2020 led to a sudden collapse in
leasing activity, while the lack of new space
additions and minimal repricing activity resulted
in a stagnant average asking rent that remains
near its all time high.