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Market Watch Second Quarter 2019

Markets retreated in the Second Quarter of 2019 as absorption totaled negative 29,918 sq. ft. fueled by lower demand from the Downtown and Suburban Business Districts. Although demand was modest, over 850,000 sq. ft. has been absorbed over the previous 52 months. During this period occupancy and rental rates stabilized and tenants now have fewer options to consider. We feel the lack of construction and impressive tenant demand has been a health restoring event for the Marketplace. We anticipate continued demand and expect premier options to continue to dwindle. We believe the potential exists for Class B+ availability to gain even more traction throughout the remainder of 2019 as business expansion persists. We have realized solid advances in the acquisition market from users who have entered the arena after years of being on the sidelines. Going forward, with the exception of Downtown Markets, we expect continued firming of rental rates, continued solid demand and further improvement in occupancy rates for most segments of the Marketplace.