MARKET TRENDS

• Overall asking rent was up 4,7% year over year to $44.52 per square foot (psf) compared to $42.52 psf a year ago, while Class A asking rents jumped 6.2% to $51.23 psf.
• Although down year over year, Q2 leasing activity of 1.7 million square feet (msf) was just above the 5-year quarterly average of 1,6 msand higher than the 1.5 msf in Q1.
• Availability of 18.6% dropped 40 basis points (bps) from 19.0% a year ago, despite the continued delivery of new product to the market that also drove the asking rents higher.

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