Quarterly leasing activity totaled 2.09 million sq. ft., 45% below the five-year quarterly average of 3.82 million sq. ft.

Year-to-date leasing activity totaled 4.00 million sq. ft., down 26% from the same period last year.

Renewals totaled 430,000 sq. ft. in Q2, bringing the year-to-date total to 1.62 million sq. ft.

The availability rate rose 90 bps to 17.8% quarter-over-quarter and was up 590 bps year-over-year.

Net absorption was negative 2.73 million sq. ft. in Q2, bringing the year-to-date total to negative 7.25 million sq. ft.

At $81.37 per sq. ft., the average asking rent was essentially flat quarter-over-quarter but was down 7% year-over-year.

Sublease availability was 4.3%, with average asking rents down 9% from year ago, to $60.67 per sq. ft.