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MARKET TRENDS
- Net absorption was negative by 1.7 million square feet (msf) in 2025, but reached positive 0.2 msf in the fourth quarter. With 1.7 msf of deliveries, vacancy increased by 150 basis points throughout the year.
- Harford/Cecil County was the only submarket that recorded positive net absorption in Q4 2025 and had the market’s largest lease, with Mako Freight subleasing 470,707 square feet in Aberdeen.
- Space under construction has fallen to its lowest level in more than five years, and a declining pipeline will ease the upward pressure on vacancy.