Year-to-date 2019 net absorption outpaces the total net absorption in 2018.
Q3 2019 finished with an overall vacancy rate of 4.9%, decreasing by 50 basis points (bps) quarter-over-quarter and 100 bps since 2017.
Speculative completions are expected to match 2018 numbers for the year based on under construction activity, announced projects, and 1.5 million sq. ft. of speculative space completed in the first half of 2019 and another 1.7 million sq. ft. is expected to reach completion in Q4 2019.