Q2 2019 posted 144,738 sq. ft. of net absorption, a 41,000 sq. ft. increase compared to Q2 2018.
The vacancy rate decreased by 40 basis points quarter-over-quarter due to the lease of three vacant spaces. Year-over-year, vacancy fell by 80 basis points.
One build-to-suit expansion project and one speculative project, 166,000 sq. ft. total, broke ground during the trailing six months. One other speculative project also remained under construction. Expected delivery of all three projects is late 2019.
Asking rents declined by $0.07 per sq. ft. quarter-over-quarter and by $0.24 per sq. ft. year-over-year due to continued leasing of higher priced Class A properties and Class C space now accounting for 70% of the limited available space.