• Total vacancy increased 20 basis points this quarter to 4.7% as 330,015 square feet of speculative projects delivered, and a couple of large class B blocks of space came to market.
  • Net absorption of over 500,000 square feet pushed the annual total past 1.5 million square feet. Despite siting at 56% of 2020 totals absorption has already surpassed 2018/2019 levels and continues to outpace new deliveries.
  • Rental rates continue to rapidly appreciate with quarterly increases of 15-20%+ common for some modern, class A assets.