Monthly leasing activity totaled 40,000 sq. ft., 90% below the five-year monthly average of 408,000 sq. ft.

Year-to-date leasing activity was 2.23 million sq. ft., down 64% compared to the same period last year.

Renewal activity totaled 413,000 sq. ft. in November, raising the year-to-date total to 1.69 million sq. ft. 

The availability rate rose 30 basis points (bps) from last month to 15% and was up 340 bps from a year ago. 

Net absorption was negative 278,000 sq. ft. in November, bringing the year-to-date total to negative 2.64 million sq. ft. 

At $61.65 per sq. ft., the average asking rent was essentially flat from the prior month and down 2% from one year ago. 

Sublease availability was 4.5% with an average asking rent of $55.69 per sq. ft., down 3% year-over-year.