LEASE RATE TRENDS As the graph suggests, average monthly lease rates are generally increasing, with the 2019 year-to-date rate of $0.54/sq. ft., NNN, the highest of the four-plus year period. For reference, available competing market industrial asking rates are averaging about $0.56/sq. ft., NNN. As will be discussed in the vacancy and absorption trends section, lease activity has been steady, with no reason to assume any change in the near term. Current Vacancy Levels Vacancy rates vary widely from building to building, with CJM’s recent survey indicating an overall vacancy rate of about 4.51% (down about 70 basis points from CJM’s Q1 2019 survey). Discussions with local brokers suggest recent Spokane industrial vacancy rates are generally similar to CJM’s survey results. Absorption Trends 2019 projected...
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