• For the first time, market-wide rates were over $23.00 per sq. ft. This is a 13.0% increase over a 5-year period and a 16.5% increase over a 10-year period.

  • With substantial pre-leasing activity and build-to-suit projects in Downtown and along Broadway, high demand for new supply is shaking up the city’s urban core.

  • The CBD submarket flourished this quarter with over 358,000 sq. ft. of positive net absorption.

  • The market-wide vacancy rate dipped 40 basis points (bps) from 14.4% in Q2 2019 to 14.0%.