Q1 2020 net absorption, the 2nd largest first quarter figure in the market, was twice the Q4 2019 figure and 182,000 sq. ft. more than the first quarter net absorptions of the last three years combined.
The market-wide vacancy rate fell 50 basis points (bps) below the record low set in Q4 2019 and was down 160 bps year-over-year.
Market-wide, Class A, and Class B rents hit record highs and grew by $0.07 per sq. ft., $0.53 per sq. ft, and $0.27 per sq. ft, respectively, quarter-over-quarter.
At the end of Q1 2020, a 183,000 sq. ft spec remained under construction and nine specs totaling 1.4 million sq. ft were planned, five of which, 950,000 sq. ft., will likely break ground during Q2 2020.
The quarter closed with only 9 properties that had between 40,000 sq. ft. and 100,000 sq. ft., the average lease size range for the market, available for lease.