Direct vacancy dipped to a record low level of 5.0% in Q4 2019, down 61 basis points from Q4 2018.
The average direct asking lease rate was $14.30 per sq. ft. triple net at the end of 2019, a $0.07 decrease year-over-year.
Positive net absorption of 219,103 sq. ft. was recorded in 2019—more than double the volume of net absorption posted in 2018.
Four projects totaling 32,000 sq. ft. delivered in H2 2019, all in either the Northeast or Central submarkets, bringing the year-to-date completions to nearly 69,000 sq. ft.
In H2 2019, 39 properties traded hands totaling $255.1 million in sales volume. The increased sales activity during the second half of the year helped push annual volume to a record high of $345.0 million.