Second quarter leasing activity was 8.2 million sq. ft., a 7% decrease from Q1 2021, but 34%
more than the five-year average.
The average asking rent for Class A space was $13.45 per sq. ft., a 16.1% increase from the
previous quarter and 28.3% greater year-overyear.
The availability rate for all classes fell by 50 basis points (bps) to 5.0% from Q1 2021 and
dropped 100 bps from Q2 2020.
Net absorption was 4.4 million sq. ft. in Q2 2021, up from 3.6 million sq. ft. in Q1 2021.