Q2 2014 Overview
- Slow and steady positive movement is having significant impact.
- Positive absorption in the past four quarters totals +818,635 square feet, an average of +204,659 square feet per quarter.
- The total vacancy currently stands at 7.5 million square feet. This is a reduction of 9.8% in one calendar year.
- With vacancy rates at 15.3% there is still product available to support continued growth. The gap between rental rates and replacement costs needs to be reduced prior to speculative construction.