A slow-down in the economy resulted in an increase in vacancy rates of 40 basis points (bps) quarter-over-quarter, with overall average rates finishing Q2 2020 at 5.0%.
Q2 2020 ended with 127,399 sq. ft. of positive net absorption. A large portion of the positive net absorption came from 620,000 sq. ft. of build-to-suit completions, which did not affect the existing vacancy in the market.
In total 883,150 sq. ft. reached completion in the quarter, with numerous projects set for completion in the second half of 2020.