The overall asking rate increased for the ninth consecutive quarter to $3.17 FSG, the highest asking rate this cycle.
The unemployment rate was 50 bps lower from the previous quarter and 20 bps from the previous year to 2.9%, tied for the lowest Q4 rate on record.
Total vacancy fell 30 bps quarter over quarter to 10.3% in Q4 2019, 20 bps above the previous year. Class A vacancy declined to 11.7%, down 100 bps year over year.
Apple has leased Biomed Realty’s 204,000-sq. ft. Apex building, still under development, and Kilroy’s 160,400-sq.-ft. building in UTC, but neither count in Q4 2019 net absorption or leasing activity due to future completion date.