The WOA vacancy rate was cut in half, dropping from 12.7% to 6.0% in 2019. (-6.7%)
This was due to consistent demand all year for WOA office space. Another factor in the drop of this year’s rate is attributed to the sale of a 35,000 square foot building to an owner-user, thereby eliminating it from this year’s report. Last year, that building comprised 50% of the WOA total vacancy. As of year-end, just over 25,000 square feet of WOA space remains vacant, with 18 of the 22 buildings in the WOA being fully occupied.