Net absorption improved by more than 500,000 sq.ft. quarter-over-quarter and is now positive for the first half of the year.
The availability rate fell by 20 bps which was enough to drop it below 20% for the first time since Q4 2008.
Both the overall average asking lease rate and the Class A rate increased by $0.25 per sq. ft. quarter-over-quarter. At $43.79, the Waterfront submarket again posted the highest average of any submarket but was roughly flat compared with the preceding quarter.
Leasing activity declined both quarter-over-quarter and year-over-over, ending the second quarter at 1.2 million sq. ft.
Five buildings totaling nearly 1.5 million sq. ft. were under construction as the second quarter ended.
Office-using employment grew between April and May, while the state’s unemployment rate fell for two consecutive months and now stands at 3.8%.