Leasing activity totaled 2.01 million sq. ft. in Q3, 51% below the five-year quarterly average, and down 33% from last year. 

Renewals totaled 1.07 million sq. ft. in Q3, bringing the year-to-date total to 3.57 milion sq. ft. 

Q3 leasing velocity was 3.07 million sq. ft. and totaled 11.0 million sq. ft. year-to-date -- down 24% from the same nine-month period last year. 

The availability rate increased 140 basis points (bps) from Q2 to 13.6% the highest level since 2010. 

At $84.46 per sq. ft., the average asking rent fell 3% quarter-over-quarter and 6% from the prior year. 

The taking rent index plummeted 230 bps to 90.0% from Q2, its lowest point since early 2017. 

Currently 7.76 million sq. ft. of sublease space is available, up 60 bps to 3.2% from one year ago, accounting for 23% of total available space.