Vacancy sits at 12.8% as tenants gave back over 150,000 sq. ft. of space this quarter, or 0.6% of total inventory. Much of this consisted of smaller space coming online.
Additional sublet space has come on the market, with large block tenants such as Kaplan (97,000 sq. ft.), Uniform Advantage (48,000 sq. ft.), FIS (38,000 sq. ft.).
Despite small, local companies giving space back, bread-and-butter leasing was active – tenants in the 2,000-4,000 sq. ft. range – a positive sign that confidence in the local economy to improve is strong.