• Almost 572,000 sq. ft. of positive net absorption was recorded in Q3 2019— the 38th consecutive quarter of positive net absorption.
  • The overall average achieved lease rate rose by 9.9% year-over-year to $7.97 per sq. ft. NNN.
  • The overall average direct asking lease rate decreased 2.4% year-over-year to $8.02 per sq. ft. NNN.
  • Direct vacancy increased to 6.5% in Q3 2019, up 38 bps year-over-year.
  • Ten buildings totaling 1.9 million sq. ft. delivered in Q3 2019, while construction activity remained elevated with 5.0 million sq. ft. underway. Over 80% of the delivered space was speculative.