Q4 2019 posted 75,801 sq. ft. of net absorption, a decrease of 21,00 sq. ft. compared to Q4 2018.
The vacancy rate ticked up by 40 basis points quarter-over-quarter due to the delivery of a partially vacant speculative space but declined by 20 basis points year-over-year.
A speculative project of 140,000 sq. ft. and a built-to-suit expansion of 22,000 sq. ft. were delivered during Q4 2019. One speculative project of 144,000 sq. ft. began construction in Q4 2019 and was the only project underway at the end of 2019.
Year-over-year, the market-wide asking rent slipped by $0.01 per sq. ft because of the continued leasing of higher priced Class A properties and Class C accounting for 60% of the limited available space. During this same time, Class A rents grew by $0.17 per sq. ft and Class B by $0.09 per sq. ft.