After a slow start to begin the year, leasing activity rebounded during the second quarter of 2022 to 2.8 million square feet (MSF).
- Life sciences companies continued to benefit the State, as the industry made up 28% of the total leasing activity this quarter.
- Demand was fueled by larger transactions and helped reduce the availability rate and turn net absorption positive.
- The availability rate improved 20 basis points to 22.2% and net absorption was positive for the second time in three quarters, totaling 601,774 SF.
- The 2.8 MSF of leases were just enough to offset the accumulation of several new subleases and direct space that returned to the market.
- The total square footage of newly available subleases greater than 5,000 SF increased 53.0% to 831,737 SF, after having marked the lowest volume post-pandemic the previous quarter.