In the fourth quarter of 2017, net absorption reached 167,413 sq. ft. This was a notable improvement from the same time last year when net absorption totaled 62,147 sq. ft.
Net absorption in Q4 2017 was bolstered by the East Central and Northwest submarkets, which accounted for 87,882 sq. ft. and 55,188 sq. ft., respectively.
Strong demand in Q4 2017 pushed the marketwide vacancy rate down 170 bps quarter-over-quarter to 12.6%. On a year-over-year basis, vacancy decreased by 300 bps.
No new office product was delivered during the second quarter of 2017, while 150,000 sq. ft. BTS for Caterpillar broke ground in the West Central submarket.