•Monthly leasing activity totaled 632,000 sq. ft., 43% above the five-year monthly average of 443,000 sq. ft.

•Year-to-date leasing activity was down 24% compared to the same period last year.

•Renewals totaled 438,000 sq. ft. in February, bringing the year-to-date total to 558,000 sq. ft.

•The availability rate decreased 40 basis points (bps) from last month to 12.1% and was down 130 bps from a year ago.

•Net absorption was positive 358,000 sq. ft. in February, bringing the year-to-date total to negative 73,000 sq. ft.

•At $62.93 per sq. ft., the average asking rent remained unchanged from the prior month but was up 1% from a year ago.

•Sublease availability was 2.8%, with an average asking rent of $57.34 per sq. ft., an increase of 12% year-over-year.