Quarterly leasing activity totaled 788,000 sq. ft., 33% below the five-year quarterly average of 1.17 million sq. ft.

Year-to-date leasing activity totaled 1.31 million sq. ft., up 11% from the same period last year.

Renewals totaled 149,000 sq. ft. in Q2, bringing the year-to-date total to 246,000 sq. ft.

The availability rate rose 240 bps to 19.4% quarter-over-quarter and was up 880 bps year-over-year.

Net absorption was negative 1.95 million sq. ft. in Q2, bringing the year-to-date total to negative 3.33 million sq. ft.

At $79.06 per sq. ft., the average asking rent was up 2% quarter-over-quarter but was down 8% year-over-year.

Sublease availability was 5.2%, with average asking rents down 13% from year ago, to $59.91 per sq. ft.