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Office Market: The total amount of available office space shrunk by approximately 38,000 square feet from Q1 of this year. The reduction in Market rents appears to have stabilized, with Class A space unchanged and Class B up slightly. Notable deals in Q2 include: Wayland Baptist University (leased 9,500 square feet at San Pedro Office Park) and Independent Living Services (leased 10,000 SF at Pinetree Corporate Center). New construction activity is mostly comprised of the second phase of the US Forest Service (98,000 SF) and REDW (45,000 SF), both located in the Journal Center.
Industrial Market: The total amount of available industrial space grew by almost 90,000 square feet from Q1 of this year. Notable deals for the quarter included ITT Information Systems (34,000 SF at Copper Pointe), Jule-Art (20,780 SF at 1506 Candelaria NE) and Furniture Corner (16,500 SF at 6770 4th St NW). New construction is limited to built-to-suit and owner-user activity, and located primarily in the South Valley and North I-25 corridors.