Medical uses within retail centers are gaining traction. BioLife Plasma signed two new leases in the East End -11,998 sq. ft. in Rialto and 17,500 sq. ft. in Moreno Valley.
Leasing activity slowed, dropping 53% from Q2 2019 and 37% from Q1 2020. As a result, vacancy ticked up 120 bps year over year and 70 bps quarter over quarter to 9.3%.
More vacancies popped up in Q2 2020 as retailers felt the impact of COVID-19. Net absorption dipped to negative 396,151 sq. ft. in Q2 2020.