Almost 1.3 million sq. ft. of positive net absorption was recorded in Q2 2020—a 32.1% increase from Q2 2019.
The overall average achieved lease rate for Q2 2020 fell 6.2% quarter-over-quarter to $7.53 per sq. ft. NNN.
The overall average direct asking lease rate increased 1.3% quarter-over-quarter to $8.89 per sq. ft. NNN in Q2 2020.
Direct vacancy rose 45 bps quarter-over-quarter to 6.9%, while availability increased by 107 bps to 10.2% in Q2 2020. These increases were largely driven by the rising amounts of sublease space on the market.
Twelve buildings comprising 2.4 million sq. ft. delivered in Q2 2020 while construction activity remains elevated with 6.6 million sq. ft. underway.