Is the Ride Slowing Down?
At midyear 2018, demand picked up and construction slowed down. Net absorption in the second quarter of 2018 was 942,062 square feet, compared to new completions of 454,885 square feet. This increase in demand sent vacancy back down to 5.1 percent, lower than one year ago when vacancy was 5.3 percent. The overall weighted average asking rate increased to $0.66 per square foot (psf) on a triple net (NNN) basis, a 40.02 psf increase from both one quarter, as well as, from one year ago.
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