• Negative net absorption of over 447,000 sq. ft. was posted in Q3 2020, bringing YTD net absorption to over negative 662,000 sq. ft.—the lowest total in over 20 years.
  • Direct vacancy rose 35 bps quarter-over-quarter to 7.5%, while availability remained stable at 9.0%.
  • The average direct asking lease rate fell slightly to $20.06 per sq. ft. NNN, down 1.3% quarter-over-quarter.
  • The retail construction pipeline remained active with 978,000 sq. ft. underway. Almost 58,000 sq. ft. of new space was completed in Q3 2020.