Third quarter leasing activity was 7.3 million sq. ft., a 40% increase from Q2 2020, and 33% more than Q3 2019.
The average asking rent for Class A space was $11.18 per sq. ft., a 7.0% increase from the previous quarter.
The average asking rent for all space was $7.42 per sq. ft., a 1.0% decrease from Q2 2020.
Average asking rent for all property classes was stable quarter over quarter and decreased 1.6% year over year to $7.42 per sq. ft.
The availability rate for all classes fell by 13 basis points (bps) to 5.8% from Q2 2020 and dropped 14 bps from Q3 2019.
Net absorption was 7.2 million sq. ft. in Q3 2020, up from 3.7 million sq. ft. in Q2 2020.