• Overall vacancy declined 90 basis points (bps) year-over-year to close 2016 at 7.7%. Vacancy has declined 490 bps over its previous peak in 2010.
  • Average asking lease rates increased 0.5% year-over-year to $13.45 per sq. ft. NNN. Rates have risen approximately 8.3% since their previous low in 2010.
  • The retail market continued to expand, with new occupancy added across product types, from apparel to restaurants. Activity was strong in particular in Liberty Center, Oakley & the Central Business District.
  • Retail employment grew by 6,600 jobs year-over-year.