• Almost 1.3 million sq. ft. of positive net absorption was recorded in Q2 2020—a 32.1% increase from Q2 2019.
  • The overall average achieved lease rate for Q2 2020 fell 6.2% quarter-over-quarter to $7.53 per sq. ft. NNN.
  • The overall average direct asking lease rate increased 1.3% quarter-over-quarter to $8.89 per sq. ft. NNN in Q2 2020.
  • Direct vacancy rose 45 bps quarter-over-quarter to 6.9%, while availability increased by 107 bps to 10.2% in Q2 2020. These increases were largely driven by the rising amounts of sublease space on the market.
  • Twelve buildings comprising 2.4 million sq. ft. delivered in Q2 2020 while construction activity remains elevated with 6.6 million sq. ft. underway.