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The report tracks new rental activity, not renewals. Over the past three quarters, landlords have been much more aggressive with their efforts to bolster tenant retention. Anecdotal stories of landlords approaching tenants with lower rent offers continue, however the amount of concessions being offered appeared to level off a bit this quarter.
…All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near term stabilization in prices…