•Leasing activity totaled 455,000 sq. ft. during Q3, down 12% from Q2 2020, and 64% behind the five-year quarterly average.

•Renewals accounted for 310,000 sq. ft. in Q3, bringing the year-to-date total to 1.22 million sq. ft.

•Q3 leasing velocity was 765,000 sq. ft. and totaled 3.38 million sq. ft. year-to-date—down 49% from the same nine-month period last year.

•The availability rate increased 110 basis points (bps) from last quarter to 14.0%.

•Space additions outpaced leasing again in Q3 yielding 1.06 million sq. ft. of negative absorption, bringing the year-to-date total to negative 1.80 million sq. ft.

•Average asking rents were $62.18 per sq. ft., down 2% quarter-over-quarter but virtually unchanged from one year ago.

•Currently 3.57 million sq. ft. of sublease space is available in the Downtown market—a 43% increase from the end of Q1—that accounts for 28% of all available space.