• Monthly leasing activity totaled 844,000 sq. ft. in April, 64% below the five-year monthly average of 2.34 million sq. ft.
  • Year-to-date leasing activity totaled 6.96 million sq. ft. down 30% from the same period last year.
  • Renewals totaled 343,000 sq. ft. in April, bringing the year-to-date total to 2.43 million sq. ft.
  • The availability rate increased 10 basis points (bps) to 11.8% month-over-month but was up 60 bps year-over-year.
  • Net absorption was negative 261,000 sq. ft. in April, bringing the year-to-date total to negative 2.63 million sq. ft.
  • The average asking rent was essentially flat month-over-month but was up 2% from the same period last year.
  • Sublease availability was 2.6%, with an average asking rent of $64.67 per sq. ft., up 12% year-over-year