Direct vacancy dropped to 8.8% in Q2 2020, down 80 bps from Q4 2019.
Positive net absorption of 47,000 sq. ft. was recorded in H1 2020, an increase compared to the second half of 2019 when less than 20,000 sq. ft. of net absorption was recorded, but down compared to the first half of last year when net absorption exceeded 170,000 sq. ft.
Construction activity remained active with over 480,000 sq. ft. of office space under development at the end of Q2 2020.
The overall average asking lease rate continued to grow, reaching $15.53 per sq. ft. NNN in Q2 2020.
Investment sales declined by 8.6% year-over-year, recording nearly $90.0 million in sales volume during the first six months of 2020.