According to CoStar, the second quarter vacancy rate held nearly steady, with a slight increase from 10.1% to 10.4% over the previous quarter. Vacant sublease space increased to 1,850,094 square feet. Rental rates were also up, ending at $25.84 per square feet. Fourteen new buildings were added to the market, totaling 886,365 sq ft.
For industrial spaces, the second quarter vacancy rate remained at 5%, continuing the rate from last quarter. The largest lease signings were by Amazon, UPS and Summit Warehouse & Logistics.