The Marin and Sonoma County retail market experienced a slight decline in market conditions in the third quarter 2014. The vacancy rate went from 3.7% in the previous quarter to 3.9% in the current quarter. Net absorption was negative (64,959) square feet, and vacant sublease space decreased by (11,055) square feet. Quoted rental rates increased from second quarter 2014 levels, ending at $18.81 per square foot per year. A total of 1 retail building with 6,000 square feet of retail space was delivered to the market in the quarter, with 250,040 square feet still under construction at the end of the quarter.