Market Trends
- Despite quarterly leasing activity slowing to a three year low of 2.6 million square feet (msf), average asking rents continue to test new heights, up 21% from the third quarter of 2021.
- Vacancy declined 60 basis points (bps) year over year on the back of yet another strong quarter of net-absorption. 12-month net absorption is on pace to exceed 6.5 msf for the second consecutive year.
- Pricing for Class A bulk space settles between $0.75-$0.95 per square foot, with spaces under 100,000 sf coming to market with asking rents exceeding the $1.00 per square foot mark.