Monthly leasing activity totaled 38,000 sq. ft., 91% below the five-year monthly average of 413,000 sq. ft.
Year-to-date leasing activity was 2.19 million sq. ft., down 63% compared to the same period last year.
Renewal activity totaled 57,000 sq. ft. in October, raising the year-to-date total to 1.28 million sq. ft.
The availability rate rose 70 basis points (bps) from last month to 14.7% and was up 290 bps from one year ago.
Net absorption was negative 569,000 sq. ft. in October, bringing the year-to-date total to negative 2.37 million sq. ft.
At $61.95 per sq. ft., the average asking rent was essentially flat from the prior month and year.
Sublease availability was 4.3% with an average asking rent of $55.60 per sq. ft., virtually unchanged year-over-year.