• Gross leasing volume rose 37% over the prior quarter to end Q3 2019 at 1.1 million sq. ft., driven by one new lease and two renewals each over 100,000 sq. ft. Tech-sector occupiers were particularly active, accounting for two of the three largest leases.
  • St. John Properties delivered two speculative buildings during the quarter. In total, the developer completed four speculative projects so far this year, with one fully leased to a single government user upon delivery and the other three currently 100% available. 
  • With one more delivery expected by the end of the year, total 2019 completions will come to 796,531 sq. ft., down 20% from the 10-year average annual completion volume of 1.0 million sq. ft. The 2020 pipeline reflects a slowdown as well with 495,773 sq. ft. projected for delivery.