Net absorption for Q4 2019 was 930,000 sq. ft. bringing the total net absorption for the year at 5.4 million sq. ft.
Construction completions for 2019 was 7 million sq. ft., the second highest in the market’s history.
At the end of Q4 2019 more than 7.2 million sq. ft. of space was under construction with another 7 million sq. ft. of planned space set to break ground in the next 12 months.
The average asking lease rate for Q4 2019 was $0.75 per sq. ft. per month (NNN), a 10% increase year-over-year.
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