• The overall asking rate increased for the tenth consecutive quarter to $3.20 FSG, the highest asking rate this cycle.
  • The unemployment rate fell 20 basis points (bps) from the previous year to 3.2%, the lowest Q1 unemployment rate on record.
  • Total vacancy rose 20 bps quarter over quarter to 10.7% in Q1 2020, 30 bps above the previous year. Class A vacancy increased to 12.4%, unchanged year over year.
  • Historic highs in construction activities in most in-demand markets, including Downtown, UTC, and Sorrento Mesa, will add much-needed new space.