An Increase in Sales, a Decrease in Leasing
In the first quarter of 2018, there were five sales of 40,000 square feet or greater, a sharp increase from the prior quarter’s total of one sale in this size range. In contrast, there was a decline in leasing activity in the quarter as there were no leases greater than 40,000 square feet that transacted, down from the two leases in that range in the prior quarter. The decline in leasing activity contributed to a slight increase in the vacancy rate from 6.2 percent to 7.1 percent in the first quarter. Net absorption for the quarter was negative 458,173 square feet. Average asking rates increased by $0.01 to $0.55 per square foot per month Triple Net (NNN) this quarter.
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