Leasing activity totaled 101,000 sq. ft. during Q4, down 78% from Q3 2020 and 92% behind the five-year quarterly. This pushed year-end leasing activity to 2.25 million sq. ft.
Renewals accounted for 647,000 sq. ft. in Q4, bringing the 2020 annual total to 1.87 million sq. ft.
Total velocity (new leases and renewals) reached 748,000 sq. ft. in Q4, raising the 2020 total to 4.12 million sq. ft. -- down 58% from the 2019 level.
The availability rate increased to 15.1%, up 110 basis points (bps) from last quarter and 300 bps from the prior year.
Quarterly absorption was negative 947,000 sq. ft., bringing the year-end total to negative 2.77 million sq. ft.
Average asking rents declined 1% from last quarter to $61.28 per sq. ft. and were down 3% from one year ago.
Sublease space increased 77% annually to 4.25 million sq. ft. at year-end 2020, accounting for 31% of all available space -- up from 22% at year-end 2019.