• Monthly leasing activity totaled 263,000 sq. ft., 39% below the five-year monthly average of 434,000 sq. ft.
  • Year-to-date leasing activity is up 48% compared to the same period last year.
  • The availability rate declined 10 bps from last month to 12.3%, and down 170 bps from a year ago.
  • Net absorption was positive 36,000 sq. ft. in August, bringing the annual total to 578,000 sq. ft.
  • At $63.36 per sq. ft., the average asking rent remained virtually unchanged from the prior month but is up 4% from a year ago.
  • Sublease availability was 2.4%, with an average asking rent of $55.15 per sq. ft., increasing 5% year-over-year.