All property classes experienced positive movement in Q4 2019, closing out the year with over 533,000 sq. ft. absorbed market-wide in 2019.
Several large tenants took occupancy this quarter, shrinking the market-wide vacancy rate from 14.0% in Q3 2019 to 13.5% in Q4 2019.
Market-wide asking rates fell $0.14 to $22.94 this quarter. However, rates rose significantly year-over-year from $21.16 in Q4 2018 to $22.94.
Class A rates rose $0.21 while Class B decreased by $0.13 quarter-over-quarter. CBRE Research anticipates Class A rates to grow at a steady pace as new buildings deliver and the ongoing flight to quality continues.