For the first time in the market's history, available direct and sublease space climbed to a total of more than 40 million square feet. Likewise, leasing activity is on track to finish the year with the lowest tally in the market's history with just over 1.5 million square feet leased during the third quarter.

All signs point to a market that remains on search for the bottom. "It still has a bit of a way to go," Daniel Loughlin, managing director at the JLL office here, tells GlobeSt.com. "There is some shadow space that hasn't yet hit the market. Some of it is due to pending pharmaceutical consolidations and other downsizing we anticipate."

A pickup is far on the horizon. "The market will turn the corner when employment picks up, which is anywhere from 18 to 36 months away," Loughlin says.