Quiet activity and multiple move-outs lead to higher negative net absorption in key submarkets. Despite the decrease in activity, construction activity remains high.
The unemployment rate was 320 basis points (bps) lower from the previous quarter, but is still unusually high and can be attributed to current public health conditions.
Sublease availability increased 20 bps to 2.7% and sublease vacancy increased 30 bps to 1.5%, but is still below levels in previous recessions.
Activity in venture capital finished strong in Q4, with record-setting funding for 2020 raised in the Life Sciences and many tech and life science start-ups debuting seed funding rounds.