Industrial Overview
The vacancy rate decreased to 3.6% and there was a positive net absorption of 416,000 square feet over the last 12 months. The average asking rental rates increased to $11.26 PSF. For the fourth quarter, there are 225,900 square feet still under construction.
Office Overview
The vacancy rate continued to stay at 11.3% and there was a negative net absorption of 469,000 square feet over the past 12 months. The average asking rental rates increased to $22.90 PSF from $22.71 PSF, from Q3. For the fourth quarter, there are 0 square feet under construction.
Retail Overview
The vacancy rate continued to stay at 11.3% and there was a negative net absorption of 469,000 square feet over the past 12 months. The average asking rental rates increased to $22.90 PSF from $22.71 PSF, from Q3. For the fourth quarter, there are 0 square feet under construction.The vacancy rate increased to 4.8% from 4.4% and there was a negative net absorption of 39,400 square feet over the past 12 months. The average asking rental rates increased slightly to $20.22 PSF from $19.87 PSF, from Q3. For the fourth quarter, there are 307,824 square feet under construction.
THRIVE News
The end of the year was filled with closed sales for THRIVE Commercial Partners and their clients!
THRIVE assisted their client in the sale of 980 Technology Ct. after a long search process that ended up being a great deal for all involved. THRIVE was also involved in the sale of 10.2 acres at Patriot Park. Multiple members of the THRIVE team helped close the sale of 1702 Chapel Hills, assisting on both sides of the deal.
Additionally, THRIVE Commercial Partners was able to help find their clients spaces to lease at 2860 S. Circle, 1079 Space Center Dr., 8415 Explorer Dr., and 1015 Garden of the Gods, just to name a few.
Highlands at Briargate Updates: Dave & Buster’s had their grand opening on Nov. 20th! Construction of two additional multi-tenant buildings on site is progressing well and on schedule to delivery by Q2 2024. THRIVE also assisted in welcoming a new tenant to the development – My Wine Cellar.
