Direct vacancy rate increased to 4.0%, up 82 basis points year-over-year.
The average direct asking lease rate climbed to $17.96 per sq. ft. triple net, up 14.1% over 2018.
Despite negative net absorption in the first half of the year, positive net absorption of 36,358 sq. ft. was recorded in H2 2019 which helped bring year-end net absorption to 31,738 sq. ft.—up 20.8% year-over-year.
Construction activity was stable at the end of 2019 with over 542,000 sq. ft. of retail space underway.
Annual retail completions reached 225,000 sq. ft. with 83,000 sq. ft. delivering in the second half of the year.