After recording the lowest level in the post recession period in H1 2019, direct vacancy increased to 9.6% in H2 2019. Although up from mid-year, this represented a 304 basis points drop year-over-year.
Positive net absorption of 19,263 sq. ft. was recorded in H2 2019, ending the year at positive 192,565 sq. ft.
The average asking lease rate decreased to $15.10 per sq. ft. triple net, down $0.12 from H1 2019 but up $0.60 on the year.
Investment sales remained strong, recording a volume of $217.1 million in 2019 with an average price per sq. ft. of $134.76.