Q3 2020 closed with 646,351 sq. ft. of net absorption, 50,000 sq. ft. higher than the previous two quarters combined and more than double the Q3 2019 net absorption.
The market-wide vacancy rate fell to a new record low of 2.9%, 60 basis points below the previous record set in Q1 2020.
The market-wide, Class A and Class B asking rates had quarter-over-quarter increases and marked new record highs.
11 projects and 3.4 million sq. ft. of space under construction, the largest amount seen since CBRE began tracking the market. A new three-story industrial build-to-suit project of almost 1.9 million sq. ft. began in Q3 2020, leading to the record construction figure.