• Monthly leasing activity totaled 546,000 sq. ft., 61% below the five-year monthly average of 1.41 million sq. ft.

• Year-to-date leasing activity totaled 5.04 million sq. ft., down 28% from the same period last year.

• Renewals totaled 321,000 sq. ft. in May, bringing the year-to-date total to 1.88 million sq. ft.

• The availability rate rose 10 basis points (bps) to 11.9% month-over-month, but was up 130 bps year-over-year.

• Net absorption was negative 51,000 sq. ft. in May, bringing the year-to-date total to negative 1.32 million sq. ft. 

• The average asking rent was essentially flat both month-over-month and year-over-year.

• Sublease availability was 2.4%, with an average asking rent of $66.25 per sq. ft., up 17% year-over-year.