• Q3 leasing was marked by a notable decline in relocation activity, representing only 20% of all leases during the quarter, down from its historical share of 50%. Nine of the 10 largest Q3 leases were flat renewals. 
  • Driven by tenants in the tech and nonprofit sectors, sublease availability rose 29% from April 2020 to 3.2 million sq. ft., with the rate of additions nearly tripling from Q2 to Q3.