Competitive rents and new supply spark growing demand

  • Robust leasing activity by the tech and agile workspace industries kept vacancy low and put upward pressure on rent as tenants compete for space.
  • Demand from tenants seeking space totaled 2.9 million sq. ft. at the close of 2018, the largest volume this cycle.
  • Over 1.1 million sq. ft. of new construction is expected to deliver by 2020 with 45% already pre-leased.