Monthly leasing activity totaled 233,000 sq. ft., 41% below the five-year monthly average of 397,000 sq. ft.

Year-to-date leasing activity was down 42% compared to the same period last year. 

Renewal activity totaled 31,000 sq. ft. in January. 

The availability rate rose 200 basis points (bps) from last month to 17.1% and was up 460 bps from one year ago. 

Net absorption was negative 1.80 million sq. ft. in January. 

At $61.17 per sq. ft., the average asking rent was essentially flat from the prior month and down 3% from one year ago. 

Sublease availability was 5.0%, with an average asking rent of $55.62 per sq. ft., down 3% year-over-year.