Class A space alone posted a negative net absorption of 161,583 sf for the 12 months ended Dec. 31. Fourth-quarter absorption was in the positive column, however, with 14,681 sf. Class A occupancy is 86.82%.
Total vacancies in classes A, B and C climbed to 11.5%, the highest since 1996 when the vacancy barometer hit 17.4%. On a six-year average, however, the leasing picture wasn't all that bad.
"With relocations and moveouts considered, the net absorption for the (six-year) period totaled 808,474 sf, reflecting an average net absorption of 134,746 sf per year," RealData research director William R. Hemingway says in the report.
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