Although net absorption was down in Q2 2020 compared to Q1 2020, overall demand persisted with over 8.2 million sq. ft. of leasing activity alongside historically low vacancy levels at 4.4%.
E-commerce and retailers drove the majority of leasing activity in the second quarter totalling over 75%. As stay-at-home orders remain in order expect e-commerce companies to drive leasing activity over the coming quarters.
Pricing continued to rise from a contract rent perspective with some portions of the market achieving rents in the low $7.00 range.
Capital investment volumes cooled, somewhat, but interest in core-stabilized industrial properties within the metro sustained at levels higher than those posted during the recovery phase of the last cycle.