The direct vacancy rate continued to decline significantly, down 222 basis points (bps) from 10.4% in H1 2017 to 8.2% in H1 2018.
Market absorption was driven by the newly delivered 131,040-sq.-ft. building at 2570 Zeppelin Road.
Lease rates continued to rise, generally due to the demand for large, quality industrial and flex space.
Two projects delivered, adding 143,040 sq. ft. of warehouse space to the market.