Leasing activity remains steady despite low absorption
Vacancy and absorption trends
The vacancy rate in the industrial market remained at 6.9 percent for the second straight quarter. Overall absorption for the metro came in at 198,589 square feet, slightly lower than originally expected and significantly lower than 2016’s first quarter absorption of 675,267 square feet.
The West/Northwest submarket led the way with overall 124,475 square feet of absorption. The office warehouse property type was accountable for a majority of the submarkets absorption with Creative Apparel taking 117,242 feet at Red Rock Business Center. The W/NW submarkets overall absorption was lowered due to new construction at France Avenue Business Park I and a large block of space opening up at LDI Distribution.