With the influx in activity over the summer months, vacancy dropped back down 20 basis points (bps) to 2.0%. The vacancy rate was 30 bps lower than the 2.3% recorded in Q3 2019 as well.
Phase I of the Los Patrones Business Park was completed in Q3 2020, adding 99,200 sq. ft. of industrial space to the market. The multi-tenant buildings accommodate light industrial and manufacturing, professional services, and showroom users.
The average asking lease rate increased 8.4% from Q3 2019 but stagnated quarter over quarter. The average asking lease rate push was driven primarily by more R&D/Flex product coming online.