Net absorption in Q3 2020 was the second highest recorded since 2010. At 6.7 million sq. ft., it was just shy of the all-time high of the 6.8 million sq. ft. recorded in Q4 2018.
The average number of transactions per quarter has been 97 since 2010. In Q3 2020, over 160 new leases and user sales were executed, resulting in 15.3 million sq. ft. of gross activity.
The scarcity of big-box warehouse availability fueled speculative development in Q3 2020. Of the 18.6 million sq. ft. under construction, 35.3% is pre-leased.