The retail year ended on a positive note, after a brief slowdown in the middle of the year. Fourth quarter net absorption of 234,591 square feet brought annual net absorption up to 889,587 square feet. This healthy demand brought retail vacancy in 2016 down to 8.3 percent from 2015’s 9.5 percent, a substantial improvement. New completions remained subdued, with retail inventory expanding by only 216,920 square feet in 2016. Should the market remain healthy in 2017, we believe that the pace of retail development will increase. The asking rental rate for retail space in 2015 was $1.36 per square foot (psf) on a triple-net (NNN) basis, $0.05 higher than one year ago.