• Total annual 2019 net absorption was nearly 1.0 million sq. ft. and one of the largest in the current cycle.
  • The market-wide vacancy rate fell to 4.0%, the lowest seen since CBRE began tracking the market. The Class A vacancy rate of 8.2% also marked a new record low for the current cycle.
  • Market-wide and Class A rents hit record highs and grew by $0.69 per sq. ft. and $0.54 per sq. ft, respectively, year-over-year.
  • Rents increased across all submarkets with annual growth ranging from $0.19 per sq. ft. to $1.02 per sq. ft.
  • Despite strong activity, the year still closed with users seeking 2.2 million sq. ft. of space, well above the 35-quarter lagging average of 1.4 million sq. ft.