• Demand for Flex/R&D space increased in Q3 2020 with over 110,000 sq. ft. of net absorption.
  • Warehouse/distribution asking rates reached a new record high, closing the quarter at an average of $5.77 NNN per sq. ft. in Q3 2020. This is mainly due to an influx of new Class A product hitting the market with premium rates.
  • Vacancy increased roughly 160 basis points from 12.6% in Q2 2020 to 14.2% in Q3 2020. Much of this is due to four speculative projects delivering this quarter, adding over 841,000 sq. ft. of vacant space to the market.
  • 13 projects remain underway totaling 1.8 million sq. ft., with the lion’s share stemming from the Northeast submarket.