New leasing activity totaled 408,024 sq. ft. in Q2 2021, a 97% increase from Q2 2020 and 15% above the five-year quarterly average.
Renewals accounted for 4,512 sq. ft. in Q2, 96% lower than the previous quarter.
Total velocity (new leases, expansions and renewals) reached 413,000 sq. ft. in Q2—up 26% from Q1 2021.
The availability rate decreased 20 basis points (bps) from the previous quarter to 22.5% but remained 100 bps higher from a year earlier.
Net absorption totaled 113,000 sq. ft. during the second quarter—bringing year-to-date absorption to negative 65,000 sq. ft.
The average asking rent remained virtually unchanged from the prior quarter at $46.12 per sq. ft. and was down 2% year-over-year.
Total available sublease space dropped 12% from Q1 2021 to 1.02 million sq. ft. and represents 9% of available space. The sublease availability rate dropped to 2.1%.