• Uncertainty remains high amid pandemic, freezing up demand and stunting activity.
  • Marketwide vacancy increases to 14.7%—its highest level since 2012.
  • Net absorption negative for second quarter in a row, totaling negative 68,535 sq. ft. year-to-date.
  • Reductions in office utilization drive sublease availability up 57% since March 2020.
  • Annual new completions approach record and partially offset negative activity.
  • Cautious hope for recovery contingent upon resolution of COVID-19 crisis.