Fourth quarter leasing activity was 5.9 million sq. ft., a 20% decrease from Q3 2020, and 15% less than the five-year average.
The average asking rent for Class A space was $11.07 per sq. ft., a 1.0% decrease from the previous quarter and 5.8% greater year-over-year.
The average asking rent for all space was $7.46 per sq. ft., unchanged from Q3 2020 and 2.9% lower year-over-year.
The availability rate for all classes fell by 10 basis points (bps) to 5.7% from Q3 2020 and dropped 30 bps from Q4 2019 marking a new record low.
Net absorption was 1.2 million sq. ft. in Q4 2020, down from 7.2 million sq. ft. in Q3 2020.