• After posting two consecutive quarters of negative net absorption, total net absorption in the third quarter was 342,288 sq. ft.
  • The Q3 2021 direct vacancy rate decreased by 90 basis points from 13.0% in Q2 2021 to 12.1%.
  • The average monthly asking lease rate increased by nearly 3.0%, quarter-over-quarter, to $2.30 per sq. ft./FSG.
  • Projects under construction totaled 643,288 sq. ft. in the third quarter with several projects already more than half preleased.