Key Market Trends

  • The vacancy rate jumped from 7.6% to 8.1% at the end of the third quarter, which was also up 180 basis point since the end of 2017. Class A vacancy more than doubled as a result of 140,000-square-feet of Bank of America space on Fleet Way in Moosic. Class B vacancy continued to improve, decreasing from 6.6% in the second quarter to 6.5%. While not a huge decrease, this represents a 170-basis point drop in the last two years.
  • Both Class A and Class B rents increased slightly during the third quarter. The weighted average Class A rent rose by seven-cents per square foot to $19.15 full service, while the Class B average increased by $0.21 to $18.80 per square foot.