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MARKET TRENDS
- Vacancy increased by 190 basis points (bps) over the last year, from 9.2% to 11.1%, after net absorption was negative in three of the last four quarters.
- Despite rising vacancy, average asking rents remain elevated, having climbed 14.1% over the last three years to $10.64 per square foot (psf).
- Several large transactions closed in the Baltimore-Washington Corridor submarket, including two renewals from Northrop Grumman Systems and new commitments from Taylor Farms and Pro Air, Inc.