• The vacancy rate decreased by 20 basis points quarter-over-quarter
  • Space under construction decreased compared to Q3 2019 following the delivery of two completed projects
  • Net absorption increased by more than 350,000 sq. ft. year-over-year and by over 1.0 million sq. ft. compared to Q3 2019 when net absorption was negative
  • The market-wide average asking rate remained relatively flat, increasing by $0.04 per sq. ft.