Annual net absorption for 2019 was 2.3 million sq. ft.; The Riverport submarket hit a historic low vacancy rate.
- The market recorded 908,064 sq. ft. of positive net absorption.
- Market vacancy rate decreased 30 bps to 4.1%.
- Average asking lease rate increased $0.03 per sq. ft. to $3.91 per sq. ft.
- Market availability fell by 60 bps to 6.2%.
- One new speculative construction project with 256,500 sq. ft. was begun this quarter and one with 331,928 sq. ft. was completed.