Despite minimal declines in overall activity, pockets of growth provide positive indicators for the future.
Shifting demand trends begin to solidify as positive gains signal increasing demand.
- Negative net absorption declined in Q2 by 56% to 49,000 SF.
- The overall vacancy rate increased by 1.2% while the overall suburban vacancy rate remained flat.
- The average asking rate remained relatively flat, only experiencing a 30-basis point decrease.
- Construction activity decreased to 542,000 square feet of space under construction as 71,271 square feet was delivered during the quarter.