The vacancy rate was 8.6%, its lowest figure since Q1 2006 when it was 7.9%. Strong demand led to an increase in net absorption ending Q1 2020 with 110,921 sq. ft., an increase of 40,000 sq. ft. compared with Q4 2019 and up 93,188 sq. ft. compared with Q1 2019.
Overall leasing activity dropped 38% from Q1 2019, but less product on the market led to a sense of urgency, causing deals to get done much quicker.