Big Box Construction Activity Sets Record
The big box vacancy rate improved during each of the first three quarters of 2016, declining by 127 basis points to 7.17 percent, then increased by 133 basis points to 8.50 percent during the fourth quarter due to the completion of several vacant speculative facilities combined with the introduction of multiple new vacancies in second generation space. The year-end big box vacancy rate was slightly above the 8.44 percent rate recorded at the end of 2015. Despite the increase, net absorption was positive during all four quarters of 2016 and the vacancy rate remains well below the peak 14.32 percent rate recorded during the first quarter of 2011.
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