Greater Downtown, a submarket that includes the Arts District, saw the lowest vacancy and the lowest rents out of all the Downtown submarkets in the first quarter of 2016, according to a report by Transwestern.
It also had the lowest average rent, at $2.75 a square foot a month, significantly lower than Downtown’s priciest submarket, Bunker Hill, which clocked in at $3.35.
Greater Downtown saw 67,978 square feet of positive absorption.
There was 790,854 square feet of office space under construction. This included the Arts District’s Ford Factory building at 2060 East Seventh Street, a 254,000-square-foot creative conversion by Shorenstein Properties.