Monthly leasing activity totaled 431,000 sq. ft., 68% below the five-year monthly average of 1.35 million sq. ft.
Year-to-date leasing activity totaled 7.82 million sq. ft. down 40% from the same period last year.
Renewals totaled 429,000 sq. ft. in October, bringing the year-to-date total to 4.00 million sq. ft.
The availability rate rose 40 basis points (bps) to 14.0% month-over-month, and was up 250 bps year-over-year.
Net absorption was negative 1.01 million sq. ft. bringing the year-to-date total to negative 6.52 million sq. ft.
At $84.16 per sq. ft., the average asking rent was essentially flat month-over-month but was down 5% year-over-year.
Sublease availability was 3.3% with an average asking rent of $65.32 per sq. ft., essentially flat year-over-year.