2021 was a year of remarkable absorption for the Nearctic Income Property Portfolio. The Nearctic leasing, construction and management team executed 75 new, and renewal of lease transactions, leading to positive absorption of 180,000 sqft, improving occupancy from 73 to 93 percent overall. We acknowledge appreciate the significance of this accomplishment and want to thank Jason Dieser, Gina Hritcu, Thomas Sawatsky, and Dusten Paton for their perseverance, engagement and alignment with our results based culture and our objectives.
Leading Nearctic’s absorption milestone was the new office and flex space leasing activity generated by our listing brokers Mark Hartum, Ryan Zabloski, Peter Schwann, Jason Gardner, and Hillary Smith of Avision Young. Avison completed 6 key transactions for a total of 60,000 sqft at Nexus Business Park improving occupancy to 97%. We would like to thank Mark, Peter, Jason, and Hillary for the extraordinary focus and execution.
We would also like to thank Randi Burton of Colliers, Ben Shopland and Jon Zukiwski of Marcus and Millichap, Chad Edwards of Cushman, and Jeremy Makila of Remax for their contributions to absorption and our overall success in 2021.