Uncertainty caused by the pandemic and other factors have cause a tough office environment to linger in the fourth quarter.
- The overall market posted 3,912 sq. ft. of positive net absorption.
- The Central Business District (CBD) posted positive net absorption of 30,731 sq. ft.
- Suburban submarkets recorded 26,819 sq. ft. of negative net absorption.
- Marketwide leasing activity was down by 55% over third quarter, and was the lowest quarter of the year with 115,326 sq. ft.
- Class A CBD average asking lease rate decreased $0.04 to $18.87 per sq. ft.
- Class A Suburban average asking lease rate decreased $0.08 per sq. ft. to $22.03 per sq. ft.