Prior to the city’s shelter-in-place orders, the first quarter of 2020 opened on a healthy note. Total market absorption was calm, yet positive, closing the quarter at 15,959 sq. ft.
Class A product had 42,189 sq. ft. of net absorption and a quarter-over-quarter average asking rate increase of $0.25 per sq. ft.
The market-wide average asking rate grew $0.14 quarter-over-quarter, closing Q1 2020 at $23.08 per sq. ft. and marking the first time it was above $23.00 per sq. ft.
Market-wide vacancy experienced an uptick of 40 basis points (bps) quarter-over-quarter but remained flat year-over-year.
Class A vacancy proved to be robust with a quarter-over-quarter decrease of 10 basis points, while Class B vacancy grew from 16.0% in Q4 2019 to 17.1% in Q1 2020.
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