Asking lease rate in the region largely held steady around $2.00 per sq. ft as regional landlords have resisted adjusting rates despite slowing demand.
Vacancy climbed to 10.1%, a 20-basis points (bps) quarter over quarter increase as work from home persisted for non-essential businesses throughout the region.
After a dramatic decline in net absorption in Q3, the region's negative net absorption moderated in Q4. 61,148 sq. ft. was returned to the market in the fourth quarter as companies pressed pause on new leases and reduced their corporate footprint