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Due to a number of small to midsized deals being completed in the Northwest and Southeast submarkets, absorption for the quarter rested at 786,073 square feet (which is a significant improvement from quarters past). As a result of this positive absorption, vacancy saw a slight decrease by 20 basis points quarter-over-quarter. However, average asking rents continued to trend downward. Current average asking rates sit at $9.74 per square foot, which is down from $10.03 per square foot last quarter.
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