• The overall asking rate increased for the sixth consecutive quarter to $3.01 FSG, breaking the $3.00 mark for the first time on record.
  • The unemployment rate fell 30 bps from the previous month to 3.5%, matching the rate posted last February.
  • Total vacancy dipped below 10% in Q1 2019, dropping 130 basis points (bps) year over year to 9.9%. Class A vacancy declined steadily to 11.5%, down 280 bps year over year.
  • The office component of One Paseo broke ground in Q1, which consists of two buildings totaling 285,550 sq. ft.
  • Net absorption reached 157,190 sq. ft. in Q1, on pace with the previous quarter and well above the previous year.