23,383 sq. ft. of positive absorption in the 3rd Quarter. This is a nominal amount but it is positive in all Classes (A, B and C).
144,211 sq. ft. of positive absorption YTD through 3rd Quarter. Annual absorption typically ranges between 150,000 – 250,000 sq. ft. The market is seeing good activity so 2015 absorption should be typical.
Vacancy rates along West Dodge show the strength of the corridor. Year over year rates are down from 6.4% to 2.5% in the Suburban West Dodge submarket, from 8.1% to 3.2% in Miracle Hills and from 9.1% to 5.8% in the Central West Dodge submarket.
Average Asking Rental Rates are down $.47 psf from one year ago. A closer look reveals this notable reduction is due to Class C asking rates.
Construction continues to be busy but the 3rd Quarter didn’t bring any significant new project announcements.