Third quarter leasing activity was over 864,000 sq. ft., a 47.7% increase from the previous quarter.

Year-to-date leasing activity totaled over 2.3 million sq. ft.

Net absorption was negative 102,011 sq. ft. in Q3 2021, bringing the year-to-date total to positive 328,441 sq. ft.

The availability rate for all asset classes increased by 10 basis points (bps) to 8.1% from Q2 2021 and increased 10 bps from Q3 2020.

The Class A availability rate was just 2.2%.


The average asking rent for all asset classes was $23.00 per sq. ft., a 2% increase from Q2 2021. The average asking rent for Class A properties was $29.82 per sq. ft.

Thirteen properties are under construction totaling more than 4.9 million sq. ft.