For 19 straight quarters, vacancy remained below 2.0% due to steady demand and market appeal. Low vacancy prompted momentous rent growth across the region.
Steady demand from e-commerce related users and third-party logistics (3PLs) helped drive the current industrial cycle past the typical five-year timeline previously anticipated.
Average asking lease rates reached a new record high ending Q2 2019 at $0.89 per sq. ft. Year over year, lease rates grew by 9.8% due to limited availability and endless demand from a diverse mix of users.