Monthly leasing activity totaled 419,000 sq. ft., 69% below the five-year monthly average of 1.34 million sq. ft.
Year-to-date leasing activity totaled 8.24 million sq. ft., down 48% from the same period last year.
Renewals totaled 77,000 sq. ft. in November, bringing the year-to-date total to 4.07 million sq. ft.
The availability rate rose 60 basis points (bps) to 14.6% month-over-month and was up 330 bps year-over-year.
Net absorption was negative 1.54 million sq. ft., bringing the year-to-date total to negative 8.06 million sq. ft.
At $83.07 per sq. ft., the average asking rent fell 1% month-over-month but was down 5% year-over-year.
Sublease availability was 3.6%, with an average asking rent of $63.81 per sq. ft., down 4% year-over-year.