• Monthly leasing activity totaled 2.10 million sq. ft., 12% below the five-year monthly average.
  • Year-to-date leasing activity is up 2% from the same time last year.
  • Renewals totaled 1.08 million sq. ft. in February, bringing the year-to-date total to 1.70 million sq. ft.
  • The availability rate was down 10 basis points (bps) month-over-month but up 30 bps year-over-year.
  • Net absorption was positive 454,000 sq. ft. in February, bringing the year-to-date total to negative 1.73 million sq. ft.
  • The average asking rent was essentially flat month-over-month at $81.45 per sq. ft. but was up 4% from one year ago.
  • Sublease availability fell 10 bps month-over-month to 2.6%.