Fourth-quarter leasing activity totaled 985,000 sq. ft., a decrease of 31% from Q3 2017 and 24% below its five-year quarterly average.
Year-end leasing activity totaled 5.48 million sq. ft., a 63% jump from the previous year.
Relocation activity totaled 1.59 million sq. ft. in 2017, up 47% from last year. With only 297,000 sq. ft. of tenants relocating out of the market during the year, the total net in-migration remains overwhelmingly positive at 1.29 million sq. ft.
The availability rate rose 80 basis points (bps) from Q3 2017, and 120 bps from a year ago, ending the quarter at 13.5%, its highest level since April 2014.
Quarterly net absorption registered negative 733,000 sq. ft., bringing the year-end total to negative 1.42 million sq. ft.
Asking rents remained relatively unchanged since Q3 2017, but increased 6% year-over-year to $61.85 per sq. ft.