Fourth quarter positive net absorption totaled 2.3 million SF, driving the annual absorption total to an impressive 22.3 million SF. The fourth quarter vacancy rate decreased to 7.24%, down 70 basis points from the vacancy rate of 7.95% measured one year ago. Construction deliveries totaled 4.1 million SF during the fourth quarter, bringing the year-to-date total to an impressive 18.3 million SF. Projects under construction total 14 million SF.