• Monthly leasing activity totaled 458,000 sq. ft., 7% above the five-year monthly average of 429,000 sq. ft.
  • Year-to-date leasing activity is up 25% compared to the same period last year.
  • The availability rate declined 30 bps from last month to 13.2%, and down 110 bps from a year ago.
  • Net absorption was positive 234,000 sq. ft. in May, bringing the annual total to negative 233,000 sq. ft.
  • At $62.74 per sq. ft., the average asking rent remained relatively unchanged from the prior month but is up 3% from a year ago.