• Monthly leasing activity totaled 1.59 million sq. ft., 9% ahead the five-year monthly average of 1.46 million sq. ft.
  • Year-to-date leasing activity was up 4% compared to the same period last year.
  • Renewals totaled 301,000 sq. ft. in January, up 192% year-over-year.
  • The availability rate increased 50 bps to 10.8% in January, but has dropped 30 bps year-over-year.
  • Net absorption was negative 1.67 million sq. ft. in January.
  • The average asking rent was $82.47 per sq. ft., 5% ahead of the previous month and up 4% from one year ago.
  • Sublease availability was 2.3%, with an average asking rent of $55.97 per sq. ft., down 11% year-over-year.