• Monthly leasing activity totaled 402,000 sq. ft., 9% below the five-year monthly average of 439,000 sq. ft.
  • Year-to-date leasing activity was down 56% compared to the same period last year.
  • Renewals totaled 121,000 sq. ft. in January.
  • The availability rate increased 40 bps from last month to 12.5% and was down 80 bps from a year ago.
  • Net absorption was negative 431,000 sq. ft. in January.
  • At $63.22 per sq. ft., the average asking rent remained unchanged from the prior month but is up 2% from a year ago.