• Despite significant activity early in the quarter, several large move-outs and a lack of late-quarter deals drove net absorption negative and the vacancy rate to 5.4%.
  • Non-traditional tenants are getting creative with the use of vacant big box space, such as the ridesharing company Lyft who leased a former Toys “R” Us to create a “driver center.”
  • The average asking lease rate was up $0.09 quarter over quarter and $0.05 year over year to $2.54 NNN per sq. ft.
  • No new shopping centers broke ground or delivered this quarter, but several renovation or expansion projects are actively or soon to be underway.