Strong leasing and demand from logistics and manufacturing tenants is fueling market growth. As a result, vacancy declined 20 basis points (bps) from the previous year.
Gross activity reached 2.9 million sq. ft. in Q2 2021, the highest amount of gross activity since Q1 2020. Activity was driven by nearly 500,000 sq. ft. of user sales.
Overall asking lease rates finished Q2 2021 at $1.13 per sq. ft., an increase of 9.7% year-over-year.