TAKEAWAYS
- Overall availability decreased for the first time since 2019, falling 70 basis points (bps) from the previous quarter, but is still up 240 bps from pre-pandemic levels.
- Average asking rents increased for the first time in over a year, but only grew 0.3% on the quarter and remain 8.9% lower than a year ago.
- Sublease supply declined for a second straight quarter, down 10% from Q1 2021’s decades-long high of 8.9 million square feet (msf).
- Leasing activity showed more positive momentum through Q3 2021, up 3.6% from last quarter and 23.3% from a year ago, with 3.3 million square feet (msf) leased.
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