Vacancy sits at 12.0%, a slight decline of 50 basis points year-over-year. Class A vacancy is slightly lower at 11.7%.

 

Tenants took occupancy of over 42,000 sq. ft. of space this quarter, which is in-line with the markets 3-year average for quarterly absorption.

 

Leasing activity has expectedly slowed this quarter, but bread-and-butter demand is still active, which indicates the market is operating at some semblance of normalcy.

 

Golden Bear Plaza in Palm Beach Gardens was the most significant sales transaction of the quarter. The four building portfolio, totally 243,000 sq. ft., was purchased by Waterfall Asset Management for $49.75 million, or $205 per-square-foot.