• Driven by a variety of industry segments, leasing activity ticked up from the preceding quarter. The overall 1.29 million sq. ft. was 17% behind 2019’s first quarter total and 23% short of the five -year quarterly average.
• The availability rate rose 18 basis points (bps) from the previous quarter to 19.58%, the highest rate since Q2 2019. Despite the slight increase, the market has been on a slow, but steady path of modest tightening since 2016.
• Net absorption was negative 252,000 sq. ft., ending a previous consecutive three-quarter streak of positive absorption.
• The average asking lease rate was $26.91 per sq. ft., an increase of $0.38 per sq. ft. from the previous quarter and a $0.70 per sq. ft. rise year-over-year.
Over the past five years, average asking rents have risen steadily to a modest $2.04 per sq. ft., or 8.2%, gain.