• Strong leasing in the first half, 466,313 sq. ft. in total, helps balance overall market fundamentals.
  • Shopko vacancies (roughly 450,000 sq. ft.) drag down overall net absorption, but mid-year net absorption remains positive.
  • Overall construction remains light, and primarily build-to-suits, which allows overall vacancy to drop to 7.7% overall for the local market.
  • Market-wide average asking rates drop slightly year-over-year to $18.23 PSF NNN, primarily indicative of lack of new construction