Quarterly leasing activity totaled 775,000 sq. ft., 32% below the five-year quarterly average of 1.14 million sq. ft.

Year-to-date leasing activity totaled 1.81 million sq. ft. and was down 16% compared to the same period last year.

Renewal activity totaled 847,000 sq. ft. in Q3, bringing the year-to-date total to 1.14 million sq. ft.

The availability rate increased 80 bps quarter-over-quarter to 20.9% and was up 690 bps from one year ago.

Net absorption was negative 732,000 sq. ft. in Q3, bringing the year-to-date total to negative 5.26 million sq. ft.

At $58.24 per sq. ft., the average asking rent was essentially flat quarter-over-quarter and down 6% from one year ago.

The sublease availability rate was 5.5%, with the average asking rent down 10% from one year ago to $49.77 per sq. ft.