Q3 2019 net absorption fell compared to Q2 2019 and Q3 2018 but remained above the 50-quarter trailing average and the historical third quarter average.
The market-wide vacancy rate fell 30 basis points (bps) from the record low set in Q2 2019 and by 240 bps compared to the Q3 2018 rate of 6.8%. Class B vacancy fell by 50 bps this quarter and 358 bps year-over-year, also marking a new record low.
The Q3 2019 market-wide asking rent pushed past the previous record high set in Q2 2019 by $0.27 per sq. ft. and had a year-over-year growth of $0.73 per sq. ft., a new record high.
Class A rents saw significant growth and hit a new high, increasing quarterly by $0.28 per sq. ft and by $0.53 per sq. ft. annually. Class B had a more muted quarterly increase, $0.12 per sq. ft., but the year-over-year growth of $0.70 per sq. ft. kept up with the market and also marked a record high.