Leasing activity totaled nearly 714,000 sq. ft., a 14% improvement from Q1 2021 but
still 55% below they five-year quarterly average.
The availability rate rose by 80 basis points (bps) to 24.5%, the fifth consecutive quarterly increase.
The average asking rent was $27.43 per sq. ft , virtually unchanged from the prior quarter.
Net absorption was negative for the fifth consecutive quarter at negative 1.2 million sq. ft.