Leasing activity totaled 157,000 sq. ft. in Q3 2020, a 146,000 sq. ft. increase from Q2 2020, but 54% behind its five-year quarterly average.
The availability rate increased 20 basis points (bps) from the previous quarter to 21.7% and was up 50 bps from a year earlier.
Net absorption totaled negative 88,000 sq. ft. during the third quarter, bringing the year-to-date total to negative 395,000 sq. ft.
The average asking rent remained virtually unchanged from the prior quarter at $46.82 per sq. ft. but was up 7% year-over-year.
Total available sublease space rose 13% to 790,000 sq. ft. from Q2 2020, now representing 7% of all available space and pushing the sublease availability rate up to 1.6%