University
Q4 2018
University reaping the benefits of employment growth
Quick Stats
Inventory (s.f.)
(percent of total market)
Q4 2018
4,199,978
(8.2%)
Total vacancy 17.9%
Direct vacancy 17.6%
YTD total net absorption (s.f.)
2,174
Under construction 0
YTD completions (s.f.) 0
Overall average asking rent $22.40
Class A average asking rent $21.76
Class B average asking rent $22.92
Rent vs Vacancy
• Cognizant, an IT consulting firm, announced plans
to add 300 jobs in the next 5 years, first expanding
within their current space at 8520 Cliff Cameron
Drive.
• 9315 N. Tryon St. is an 87,730 square foot office
conversion located adjacent to the J.W. Clay Blvd
light rail station. This Cambridge Properties-owned
conversion is one example of the long term growth
the University submarket can expect as the Blue
Line Extension connects the submarket to the CBD.
20.0%
$23.00
$22.50
$22.00
$21.50
$21.00
$20.50
$20.00
$19.50
$19.00
$18.50
$18.00
$17.50
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
2014
• Class B rents rose to $22.96/SF this quarter,
continuing to pace the University submarket.
2015
2016
Rent vs vacancy Rent
2017
2018
Rent vs vacancy Vacancy
Absorption vs Completions
250,000
200,000
150,000
100,000
50,000
0
-50,000
2014
2015
Net absorption
22
2016
2017
Construction Completions
2018
0.0%