The WFA vacancy rate dropped from 6.8% in 2018 to 4.0% this year. (-2.8%)
There wasn’t a specific event or transaction that caused the rate drop, however, limited supply and strong demand for economical flex space persists across the WFA. Swisher Commercial’s research indicates that there were small swings in vacancy status from building to building, with most of the transactions being smaller in size. One 8,000 square foot speculative flex building was constructed in 2019 and was fully leased before its completion.