As you'll note from our press release, we did have solid leasing activity, totaling almost 940,000 square feet of lease transactions during the quarter. And that figure included 338,000 square feet of new leases. Our tenant retention was 58.1% of outgoing space, reflecting a continued trend of downsizing and adjustments in businesses that are throughout all of the sectors that we enjoy within our portfolio.We ended the quarter at 87.6% leased, very slightly down from last quarter's 87.9%. Rent on renewals rolled down this quarter by 3.1% on a cash basis compared to last quarter's 3.7% cash roll down, reflecting the fact that I do believe we're sort of at the bottom of the trough. And now it's just a question of how long it will take to accelerate and increase demand in the service-based economy and add employment.
Mack-Cali Realty's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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