The SFA rate dropped significantly, from 5.3% vacancy in 2018 to 2.9% this year. (-2.4%)
The reduction leaves over 68,000 square feet of vacant flex space in a market of 50 buildings totaling almost 2.34 million square feet, which does not provide much space for incoming businesses, or for existing SFA businesses hoping to expand. The low supply of existing flex space is leading developers to offer opportunities for new buildings in the form of build-to-suit projects as well as in speculative construction. A 20,000 square foot speculative building, completed in 2019, is fully leased and its success triggered a new 25,000 square foot project by the same developer, scheduled for completion in 2020.