• Second-quarter leasing activity totaled 1.90 million sq. ft., an increase of 140% from Q1 2018 and 45% above the five-year quarterly average.
  • The stream of tenants migrating into the market contributed over 1 million sq. ft. or 53% of quarterly leasing activity.
  • The availability rate rose 20 bps from Q1 2018, and 150 bps from a year ago, ending the quarter at 14.2%.
  • Quarterly net absorption registered negative 163,000 sq. ft., partly due to the 39% increase in available sublet space over the past three months.
  • Average asking rents, at $60.99 per sq. ft., decreased 2% since Q1 2018 but are still up 17% since the end of 2014.