Net absorption for industrial was the highest since Q3 2018, reaching more than 1.3 million sq. ft.
Total vacancy fell 60 bps to 4.6% and total availability fell 50 bps to 7.7%, the lowest since 2018.
New construction hit an all-time high of 6.5 million sq. ft. and more projects are in the pipeline. Eight new buildings totaling 1.6 million sq. ft. broke ground in Q4 2020, mostly warehouses in Otay Mesa.
The average high-finish asking rate fell $0.06 quarter-over-quarter to $1.47 NNN. The average low-finish asking rate increased $0.01 quarter-over-quarter at $1.01 NNN.