Gross leasing volume was down in Q3 2019, attributable mainly to muted activity by the government sector. On the other hand, private-sector tenants remained active during the quarter, with activity focused on relocations and expansions in Montgomery County.
Financial and business services sectors were the two biggest growth drivers during the quarter, posting 52,000 and 43,000 sq. ft. of occupancy gains in Q3 2019 respectively.
Construction activity remains robust in the market, with both build-to-suit (1.4 million sq. ft., two buildings) and speculative (1.3 million sq. ft., five buildings) developments near all-time highs.