Q4 2018 posted 97,058 sq. ft. of net absorption, a 100,000 sq. ft. increase compared to Q4 2017 when the market saw negative net absorption.
The vacancy rate decreased by 50 basis points quarter-over-quarter due to the lease of a large, vacant space. Year-over-year, vacancy remained relatively flat, increasing by only 10 basis points.
One built-to-suit project was delivered in the trailing six months. At the end of Q4 2018, there were three speculative projects under construction. Expected delivery of these project is mid to late 2019.
Asking rents declined by $0.10 per sq. ft. quarter-over-quarter and by $0.08 per sq. ft. year-over-year due to continued leasing of higher priced Class A properties and Class C space now accounting for 49% of the limited available space.