Delivery of SkyCenter One at the airport and two office buildings at Midtown totaled 494,387 sq. ft. this quarter. An additional 355,584 sq. ft. will come online shortly as Water Street’s first office tower wraps up downtown.
Despite positive absorption that was largely focused in the class B market, new construction bumped overall vacancy to 16.7%.
Average asking rates are beginning to see upward movement again, a combination of Landlord adjustments and new construction at top-of-market pricing.