Market Trends
- Vacancy held at 9.2% in Q1 2026 as net absorption totaled 0.6 million square feet (msf), led by Crusoe Energy Systems’ 352,240-square-foot (sf) lease and occupancy.
- Asking rents declined 8.2% year over year to $8.55 per square foot (psf) amid elevated supply, though stabilization is expected as demand steadies.
- Deliveries slowed to 0.2 msf, with 4.1 msf under construction, including Philip Morris’ 800,000-sf build-to-suit project set to deliver in mid-2026, as the pipeline continues to moderate.