Positive net absorption of 65,330 sq. ft. was recorded in Q2 2018 despite nearly 250,000 sq. ft. of Toys“R”Us closures in the metro Denver area.
Overall direct vacancy increased 40 bps quarter-over-quarter to 7.3%, inline with the 10-year average.
In Q2 2018, the average direct asking lease rate increased by $0.08 per sq. ft. quarter-over quarter to $18.76 per sq. ft. NNN.
Construction activity remained heightened with over 1.5 million sq. ft. underway with an additional 270,000 sq. ft. delivering this quarter.
Total transaction volume in Q2 2018 was $166.1 million with 17 retail properties priced above $3.0 million trading hands.