The past three months have felt like a throwback to the pre-recession busy days of old. Phones are ringing again, tours are taking place and deals are getting done. At the end of last quarter, we were poised to expect a good second quarter and we got it. Over the past 5 years we have been discounting good news with bad news. In 2009 and 2010 the scales were
tilted strongly negative. In 2011 and 2012 the scales were balanced with much of our quarterly market report describing good news being offset by bad news.
Thirty eight transactions were completed in the second quarter of 2013 with a gross absorption total of 1,234,86 square feet (sf). This is higher than prior quarters wherein we were struggling to reach one million sf. The 38 transactions are 12% above the prior three year quarterly average and the 1.23 million sf of gross absorption is 17% greater than the average of 1,055,889 sf. Average deal size was 33,375 sf which was again 11% larger than the three year average.
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