Leasing activity totaled 104,000 sq. ft. in Q3 2020, a 70% decrease from Q2 2020, and 92% behind the five-year average quarterly average.
Renewals totaled 225,000 sq. ft. in Q3 2020, pushing the year-to-date total to 488,000 sq. ft.
The availability rate increased 280 basis points (bps) from the previous quarter to 13.4% and was up 440 bps from a year earlier.
Net absorption plummeted to negative 2.27 million sq. ft., bringing the year-to-date total to negative 3.01 million sq. ft.
The average asking rent declined 3% from the prior quarter to $83.59 per sq. ft. but was virtually unchanged year-over-year.
Total available sublease space rose 47% to 2.98 million sq. ft. million sq. ft. from Q2 2020, now representing 28% of all available space and pushing the sublease availability rate up to 3.8%.