• Negative 71,000 sq. ft. of direct net absorption was recorded in Q2 2021, a marked improvement from the 338,500 sq. ft. of negative net absorption last quarter.
  • The average direct asking lease rate increased 1.5% year-over-year to $27.29 per sq. ft. FSG.
  • Total vacancy remained elevated at 18.3%, up 35 bps from last quarter.
  • Sublease availability started to plateau at 1.7 million sq. ft.—almost 1.0 million sq. ft. higher than the onset of the pandemic in March 2020.
  • Construction activity slowed with just 519,000 sq. ft. underway at the close of Q2 2021.