Gross leasing volume rose 37% over the prior quarter to end Q3 2019 at 1.1 million sq. ft., driven by one new lease and two renewals each over 100,000 sq. ft. Tech-sector occupiers were particularly active, accounting for two of the three largest leases.
St. John Properties delivered two speculative buildings during the quarter. In total, the developer completed four speculative projects so far this year, with one fully leased to a single government user upon delivery and the other three currently 100% available.
With one more delivery expected by the end of the year, total 2019 completions will come to 796,531 sq. ft., down 20% from the 10-year average annual completion volume of 1.0 million sq. ft. The 2020 pipeline reflects a slowdown as well with 495,773 sq. ft. projected for delivery.