In December, the overall vacancy level dropped more than half a percentage point, and the region experienced positive net absorption for the first time in months. January's increase in vacancy brought a return to negative net absorption, which hasn't stopped. Net absorption for February has decreased by more than 30,000 sf from January, ending the month with a negative 121,573 sf.
The region has also experienced a dip in the average asking lease rate, as it has dropped from $2.25 in January to $2.23 in February.
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