• Monthly leasing activity totaled 1.37 million sq. ft., 42% behind its five-year monthly average.
  • Year-to-date leasing activity was 1% ahead of the same period a year ago.
  • The availability rate was 11.0%, up 20 basis points (bps) from the prior month, and down 70 bps from a year ago.
  • Net absorption registered negative 995,000 sq. ft. in August, bringing the year-to-date figure to negative 1.54 million sq. ft.
  • The average asking rent, at $80.56 per sq. ft., was virtually unchanged from the prior month and up 11% from a year ago.
  • Sublease availability currently stands at 2.4%, up 10 bps from the prior month.
  • Renewals totaled 105,000 sq. ft. in August, bringing the year-to-date total to 4.89 million sq. ft.