• Q2 2020 closed with 134,955 sq. ft. of net absorption. Total 2020 mid-year absorption was almost 120,000 sq. ft. above 2019 mid-year absorption.
  • The market-wide vacancy rate ticked up by 20 bps compared to Q1 2020 but fell by 100 bps year-over-year.
  • Average asking rates saw quarterly and annual increases across classes. All product classes marked new record highs and Class B rent was above $5.00 per sq. ft. for the first time.
  • Q2 2020 closed with 12 projects and 1.8 million sq. ft. of industrial space under construction, the largest amount seen in the market. Nine projects, 1.5 million sq. ft., are speculative.