The third quarter continued the trend established in the last several quarters. Slow and steady growth with a continuing decline in the vacancy rate – particularly among class A and B inventory. Deal activity witnessed a marginal increase resulting in a drop in overall vacancy from 8% to 7.9%.
Deals of significance include BFG Supply’s lease of 185,00 SF at 460 Nixon Road in the Northeast market and Gordon Food Service’s announcement that they will break ground on a 420,000 SF distribution center at the Findlay Industrial Park in the West. These larger transactions were supplemented by an uptick in 30,000 to 50,000 SF lease commitments – another positive sign.