• Monthly leasing activity totaled 405,000 sq. ft., 72% below the five-year monthly average of 1.43 million sq. ft.

• Year-to-date leasing activity was down 22% from the same period last year.

• Renewals totaled 277,000 sq. ft. in April, bringing the year-to-date total to 1.56 million sq. ft.

• The availability rate was flat month-over-month but up 110 basis points (bps) year-over-year.

• Net absorption was negative 109,000 sq. ft. in April, bringing the year-to-date total to negative 1.27 million sq. ft. 

• The average asking rent was essentially flat both month-over-month and year-over-year.

• Sublease availability was 2.5%, with an average asking rent of $66.63 per sq. ft., up 18% year-over-year.