Year-over-year, total vacancy experienced a slight uptick of 80bps to 12.8%. Although absorption has been negative in the second half of 2020, the market was buoyed by occupancy gains during the first two quarters of the year.
Despite the increase in available space, landlords have held firm on asking rates and from a weighted average perspective they have increased slightly. Overall, rents closed the year out at $25.82 per-square-foot, which is an all-time high.
Activity increased in the closing months of the year, particularly among new tenants to the market.