• Monthly leasing activity totaled 1.08 million sq. ft., 22% behind its five-year monthly average of 1.39 million sq. ft.
  • Year-to-date leasing activity was up 2% compared to the same period last year.
  • Renewals totaled 174,000 sq. ft. in February, bringing the year-to-date figure to 278,000 sq. ft.
  • The availability rate increased 10 bps from last month, but is down 60 bps from one year ago.
  • Net absorption was negative 121,000 sq. ft. in February 2018 bringing the year-to-date total to negative 722,000 sq. ft.
  • The average asking rent was $78.75 per sq. ft., virtually unchanged from last month and down 2% from one year ago.
  • Sublease availability was 2.3%, with an average asking rent of $62.53 per sq. ft., down 2% year-over-year.