Overall vacancy declined 90 basis points (bps) year-over-year to close 2016 at 7.7%. Vacancy has declined 490 bps over its previous peak in 2010.
Average asking lease rates increased 0.5% year-over-year to $13.45 per sq. ft. NNN. Rates have risen approximately 8.3% since their previous low in 2010.
The retail market continued to expand, with new occupancy added across product types, from apparel to restaurants. Activity was strong in particular in Liberty Center, Oakley & the Central Business District.
Retail employment grew by 6,600 jobs year-over-year.