Monthly leasing activity totaled 90,000 sq. ft., down 79% from the five-year monthly average of 421,000 sq. ft.
Year-to-date leasing activity was down 77% from the same period last year.
Renewals totaled 333,000 sq. ft. in October, bringing the year-to-date total to 821,000 sq. ft.
At 14.7%, the availability rate rose 130 basis points (bps) from last month and was up 530 bps from one year ago.
Net absorption was negative 975,000 sq. ft. in October, bringing the year-to-date total to negative 3.99 million sq. ft.
The average asking rent was $82.44 per sq. ft., down 1% from last month and 3% from one year ago.
Sublease activity increased 60 bps to 4.4% month-over-month, with an average asking rent of $66.52 per sq. ft. down 1% from a month ago.