Leasing activity totaled 67,000 sq. ft. in H2 2020, 73% below the H1 2020 leasing activity total of 248,000 sq. ft. and 77% behind the half-year average witnessed over the past four years.
Year-end leasing activity totaled 315,000 sq. ft. in 2020, 63% below 2019’s total leasing activity of 848,000 sq. ft.
Absorption was negative 34,500 sq. ft. in H2 2020 bringing year-to-date absorption to negative 148,000 sq. ft.
Sublet additions in H2 2020 totaled 328,000 sq. ft. led by additional sublet space added at 1 Jackson Avenue, The Jacx.
The availability rate at year-end was 33.5%, up 30 basis points (bps) from H1 2020 and up 930 bps year-over-year.
The asking rent was $52.09 per sq. ft., up 24% from year-end 2019 as large blocks of premium space were added to the LIC Core market at 45-18 Court Square, 1 Jackson Avenue and 1 Court Square.