Regional Office Market | Overview
- The regional office market vacancy rate increased slightly to 12.3% from 12.1% at the end of 2018.
- Absorption for the first half of 2019 totaled 472,088 square feet, below 2018’s six-month total.
- The weighted average asking rent increased by 1.0% to $27.27 per square foot, full service.
- Investment volume decreased from 2018.
Strong leasing activity during the first six months did not result in significant absorption. New construction and major retrofit projects continued to draw tenants from existing locations.