• Direct vacancy dropped to 4.2% in Q4 2019, down 380 basis points from Q4 2018.
  • The overall availability rate dipped to 6.0% in Q4 2019, a sharp decline from 9.3% in Q4 2018. 
  • The overall average direct asking lease rate was $9.64 per sq. ft. NNN in Q4 2019, a 19.5% increase from Q4 2018.
  • Positive net absorption of 335,264 sq. ft. was posted in H2 2019, pushing annual 2019 net absorption to 451,953 sq. ft.—down from a cycle high of 936,000 sq. ft. in 2018.
  • Nearly 138,000 sq. ft. of industrial space was under construction at the end of 2019, down from 200,000 sq. ft. at the end of 2018.