• Monthly leasing activity totaled 2.76 million sq. ft., 15% above the five-year monthly average.
  • Year-to-date leasing activity is down 10% from the same time last year.
  • Renewals totaled 615,000 sq. ft. in January.
  • The availability rate was 11.7%, up 50 basis points (bps) both month-over-month and year-over-year.
  • Net absorption was negative 2.19 million sq. ft. in January.
  • The average asking rent was flat month-over-month but was up 6% from one year ago.
  • Sublease availability remained flat month-over-month, at 2.7%.