Minimal deliveries this quarter reflect a construction pipeline that slowed in the tail end of 2020. 1 million sq. ft. is on track to deliver over the 2nd quarter but only 400,000 sq. ft. remains available.
Net absorption of 365,001 sq. ft. outpaces Q1 2020 but represents just 12% of total 2020 absorption as limited available space can thwart potential activity.
Tracking average asking rate growth remains challenging as limited blocks of marketed space remain after recent leasing. New construction will almost entirely drive this metric going forward.