The Hub’s commercial leasing market saw the most negative absorption in Boston’s Financial District in the first quarter, with the Back Bay and peripheral submarkets relatively flat for the quarter. Continuing a trend, the majority of transactions executed during the quarter represented renewals versus relocations, and for static square footage.

The first quarter represented the seventh consecutive quarter of contraction in commercial leasing markets, with 1.4 million square feet of negative absorption, according to Colliers Meredith & Grew’s market viewpoint.

The report provides occupancy and absorption statistics for the Boston, Cambridge and Suburban Boston leasing markets, and identifies recent trends in the investment and capital markets.

Encouraging signals in the investment market are tempered by a heavy stream of commercial properties falling into default, foreclosure or bankruptcy, according to the report.

However, there has been a recent uptick in sales activity and assets in the market with pricing benchmarks, particularly for core assets, being re-established.

The tech sector provided a bright spot in the Cambridge office market where modest positive absorption was recorded during the quarter. Although the vacancy rate in the lab market increased, the market remains tight for tenants seeking good quality existing lab space.

The suburban vacancy rate reached 22 percent, with a notable difference between the vacancy rate in the Route 128 submarkets at 19.3 percent and the Route 495 submarkets at 27.4 percent. Although companies remain cautious with respect to their leasing decisions, some sizeable leases were executed during the quarter by tenants representing a cross-section of industries.