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Large Vacancies by State Farm and Oldcastle in Central Perimeter Lead to Third Consecutive Quarter of Negative Absorption

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CPerimeter_2019

Despite additional vacancies this quarter, overall average rental rates increased yet again in Central Perimeter.

Key Takeaways

  • Q3 marks the third consecutive quarter of negative absorption in Central Perimeter. Year-to-date the submarket has experienced just under a half million square feet of occupancy losses.
  • Large vacancies this quarter include State Farm leaving 47,000 square feet at Three Ravinia and Oldcastle contracting by 51,000 square feet at 900 Ashwood.
  • It is not as if leasing demand is absent in the submarket. Activity for Class A office space was prevalent throughout the quarter. It’s just a number of these deals are intra-submarket moves.
  • Regardless of the vacancies added this quarter, overall average rental rates increased yet again; however Class A rents did show its second quarterly decrease this year.
  • The final quarter of the year could see more occupancy losses yet again given Newell’s anticipated vacancy out of the rest of its space at Three Glenlake.


3Q19_CPerimeter

Large Vacancies by State Farm and Oldcastle in Central Perimeter Lead to Third Consecutive Quarter of Negative Absorption

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