• Net absorption stabilized to start the year, falling just short of positive at (35,605) sq. ft.
  • Nine properties totaling 1,014,387 sq. ft. delivered in Q1 2019, of which about half was vacant.
  • The large volume of newly-delivered vacant space coupled with large move-outs bumped the vacancy rate 50 basis points (bps) quarter over quarter to 4.9%.
  • New product availability helped drive average asking rates to new heights. Quarter over quarter, low-finish product increased $0.03 to $0.98 NNN and high-finish product $0.07 to $1.44 NNN.
  • Above-average leasing activity was largely driven by manufacturing, logistics and life science companies.