The vacancy rate closed out the first quarter at 2.6%, fairly steady from the close of Q1 2020. This marks the 10th consecutive quarter with vacancy below 3.0%.

 

Sales activity was light this quarter, but the sale of 1177 Blue Heron Blvd toward the end of the quarter speaks to the market’s strength.

 

Asking rents remain elevated, hovering around record high levels. While growth has slowed in recent quarters, this was the 11th consecutive quarter with rates above the $10.00 per sq. ft. mark.