Quarterly leasing activity totaled 2.89 million sq. ft. in Q1, 54% below the five-year quarterly average of 6.26 million sq. ft.

Renewals totaled 1.36 million sq. ft. in Q1.  

Year-to-date leasing velocity totaled 4.25 million sq. ft. in Q1, down 48% from the same period last year.

The availability rate rose 180 basis points (bps) quarter-over-quarter to 17.2% and was up 550 bps year-over-year.

Net absorption was negative 9.10 million sq. ft. in Q1.

At $75.99 per sq. ft., the average asking rent was down 2% from last quarter and 7% year-over-year.

Sublease availability was 4.7%, with average asking rents down 9% from one year ago to $59.15 per sq. ft.