•Monthly leasing activity totaled 1.26 million sq. ft., 15% below the five-year monthly average of 1.48 million sq. ft.

•Year-to-date leasing activity was up 26% from the same period last year.

•Renewals totaled 644,000 sq. ft. in February, bringing the year-to-date total to 1.06 million sq. ft.

•The availability rate was down 10 basis points (bps) month-over-month but up 80 bps year-over-year.

•Net absorption was positive 233,000 sq. ft. in February, bringing the year-to-date total to negative 908,000 sq. ft. 

•The average asking rent was essentially flat month-over-month, but was up 2% year-over-year.

•Sublease availability was 2.6%, with an average asking rent of $66.01 per sq. ft., up 20% year-over-year.