- Only 83,000 square feet of new neighborhood and community center space came online during the first quarter, the lowest level of new deliveries for any quarter since Reis began publishing quarterly in 1999.
- The vacancy rate was at 10.9 percent—and has now remained the same for four straight quarters.
- Asking and effective rents each fell by 0.1 this quarter.
- The vacancy rate for neighborhood and community centers remained flat or declined in 26 of the primary 80 metropolitan areas Reis tracks while effective rents remained flat or declined in 45 out of 80 markets.
Source: Reis Inc.