• Overall leasing velocity for 2017 totaled 7.0 million sq. ft., down 17.7% from one year ago.
  • Renewal activity totaled 426,799 sq. ft. during Q4 2017. This brings the year-end total to 2.02 million sq. ft.—a 28.5% decrease year-over-year.
  • Several sizable availabilities coming onto the market led the state to record negative absorption for the first time during 2017.
  • The availability rate rose 30 basis-points during Q4 2017, marking the first increase in four quarters.
  • The average asking lease rate was $26.08 per sq. ft., virtually unchanged from the previous quarter, up 2.7% from one year ago.