• Monthly leasing activity totaled 0.96 million sq. ft., 26% below its five-year monthly average of 1.30 million sq. ft.
  • Year-to-date leasing activity is down 34% compared to the same period last year.
  • The availability rate was unchanged from last month and up 80 bps from one year ago.
  • Net absorption was negative 111,000 sq. ft. in May, bringing the year-to-date total to negative 1.85 million sq. ft.
  • The average asking rent was virtually unchanged over the past month and up 5% from May 2015.
  • Sublease availability was 1.8%, with an average asking rent of $63.88, up 5% year-over-year.