The overall average asking lease rate ended the year at $2.84 per sq. ft. per month. The average asking lease rate decreased $0.02 per sq. ft. quarter-over-quarter in OC.
The year ended with a total of 676,038 sq. ft. of negative net absorption in OC, year-to-date, with 91,389 of the negative absorption in the fourth quarter.
The OC retail vacancy rate increased 10bps quarter-over-quarter to 4.5%, while the average asking lease rate decreased 20 bps quarter-over-quarter to $2.84 per sq. ft. per month.
No new retail product completed construction in Q4 2020, but 103,207 sq. ft. is expected to complete in 2021.