• A typical level of smaller tenants exited spaces across the market, but there were fewer new leases to offset the moves, leading to (39,785) sq. ft. of negative net absorption. 
  • The average asking lease rate and operating expenses were steady across most properties compared to the previous quarter, but added availability in specialty centers shifted up the overall average net rate $0.08 to $4.71.
  • Availability was up 20 bps from the previous quarter and 320 bps from the previous year, while vacancy increased 20 bps quarter over quarter and 200 bps year over year.