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MARKET TRENDS
- Vacancy has begun to stabilize following a wave of new deliveries, increasing 60 basis points (bps) year over year compared to a 210 bps rise in the prior 12-month period.
- Asking rents were effectively flat quarter-over-quarter, declining just 0.7%, with modest pressure driven in part by lease-up activity in newly delivered construction.
- A pickup in large-scale leasing activity including multiple commitments exceeding 200,000 square feet (sf)—several within recently delivered assets—signals improving occupier confidence.