In Q3 2019, overall activity in the market was comprised of 1.05 million sq. ft. in new leases and 735,000 sq. ft. in user sales. Additionally, there was over 2.1 million sq. ft. of renewal activity during the quarter.
Construction was completed on three buildings totaling 1.4 million square feet in Q3 2019.
New construction starts in Q3 2019 total over 1.9 million sq. ft.
Market vacancy rate increased 50 basis points in Q3 2019 to 5.0% as a result of completion of over 1 million sq. ft. of vacant speculative space.