• The vacancy rate ended Q12020 at 8.6%, an increase of 40 basis points (bps) year over year.
  • The IE’s average asking lease rate decreased from $2.12 per sq. ft. in Q4 2019 to $2.06 per sq. ft. in Q1 2020. The average asking lease rate decreased 2.0% year over year.
  • The leasing momentum slowed in Q1 2020, resulting in negative 243,681 sq. ft. of net absorption.