Leasing activity totaled 516,000 sq. ft. during Q2, down 56% from Q1 2020, and 60% behind the five-year quarterly average.
Q2 2020 leasing velocity totaled 872,000 million sq. ft.—down 64% from the same quarter last year.
Tenants migrating into the market accounted for 111,000 sq. ft., or 21% of leasing activity during Q2 2020—down from 34% during Q1 2020.
The availability rate increased during Q2 2020, ending the quarter at 12.9%—a 50 basis-point (bps) increase since Q1 2020.
Limited leasing and numerous space additions in Q2 led to 382,000 sq. ft. of negative absorption.
Average asking rents in Q2 2020 remained flat $63.47 per sq. ft.
CBRE-Econometric Advisors’ rent forecast for Downtown shows rents declining between 10 and 16%