• Monthly leasing activity totaled 786,000 sq. ft. in May, 66% below the five-year monthly average of 2.31 million sq. ft.
  • Year-to-date leasing activity totaled 7.74 million sq. ft., down 37% from the same period last year.
  • Renewals totaled 334,000 sq. ft. in May, bringing the year-to-date total to 2.76 million sq. ft.
  • The availability rate remained flat month-over-month at 11.8%, but was up 70 basis points (bps) year-over-year.
  • Net absorption was negative 101,000 sq. ft. in May, bringing the year-to-date total to negative 2.73 million sq. ft.
  • At $81.64 per sq. ft., the average asking rent was essentially flat month-over-month but was up 2% from the same period last year.
  • Sublease availability was 2.5%, with an average asking rent of $64.40 per sq. ft., up 13% year-over-year.