For the first time, market-wide rates were over $23.00 per sq. ft. This is a 13.0% increase over a 5-year period and a 16.5% increase over a 10-year period.
With substantial pre-leasing activity and build-to-suit projects in Downtown and along Broadway, high demand for new supply is shaking up the city’s urban core.
The CBD submarket flourished this quarter with over 358,000 sq. ft. of positive net absorption.
The market-wide vacancy rate dipped 40 basis points (bps) from 14.4% in Q2 2019 to 14.0%.
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