• Monthly leasing activity totaled 2.46 million sq. ft., 5% ahead of its five-year monthly average.
  • Year-to-date leasing activity was 3% behind the same period a year ago.
  • The availability rate was 11.1%, down 10 basis points (bps) from the prior month, and down 80 bps from a year ago.
  • Net absorption registered positive 728,000 sq. ft. in May, bringing the year-to-date figure to negative 1.80 million sq. ft.
  • The average asking rent, at $79.96 per sq. ft., was relatively unchanged from the prior month and up 11% from a year ago.
  • Sublease availability currently stands at 2.4%, down 10 bps from the prior month.