Rents resume rise amid supply crunch

  • Average asking rents surged 2.7% during Q2 2018 and are up 3.4% year-to-date reaching $75.54 per sq. ft., a new historical high.
  • More than 800,000 sq. ft. of leased new construction deliveries were added to the market this quarter, which resulted in the largest single quarter net absorption volume in 18 years.
  • Demand for large blocks sized 100,000 sq. ft. or larger outstrips the existing supply by a ratio of 2:1.