Net absorption for industrial was the highest since Q3 2018, reaching more than 1.2 million sq. ft.
Total vacancy fell 30 bps to 5.1% and total availability fell 30 bps to 7.7%. These figures match Q4 2019 and Q1 2020, respectively, before the brief setback in Q2 2020.
New construction hit an all-time high of 5.6 million sq. ft. and more projects are in the pipeline. A significant portion of that number though is Amazon’s 3.3M-sq.-ft., four-story build-to-suit distribution center in Otay Mesa.
The average high-finish asking rate jumped $0.05 quarter-over-quarter to an all-time high of $1.53 NNN. The average low-finish asking rate stayed flat quarter-over-quarter at $1.00 NNN.