Just over 4.0 million sq. ft. of construction (about 30 buildings) completed during 2019 which is just short of 2018’s all-time record of 4.7 million sq. ft.
A record-breaking 7.2 million sq. ft. remains under construction which is 70% higher than the record set in 2018. Of that 7.2 million sq. ft., 4.9 million sq. ft. is spec space with only 2% preleased. 2.3 million sq. ft. is BTS/Owner-User.
Vacancy stayed at 3.4% to close 2019 even though a high number of spec projects were completed during the year.
Total lease activity for 2019 was 6.5 million sq. ft. Amazon leased 1.3 million sq. ft. and accounted for 20% of the year’s lease activity.