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MARKET TRENDS
- Average asking rents increased to $10.37 per square foot (psf) in Q1 2026, up from $9.51 psf one year earlier, supported by 2.0 million square feet (msf) of positive absorption over the past four quarters.
- Vacancy increased to 7.1% in Q1 2026, up from 6.3% one year earlier. Over the past four quarters, deliveries have exceeded absorption by approximately 0.7 msf, contributing to the rise in vacancy.
- Net absorption totaled 0.5 msf in Q1 2026. Over the past five years, quarterly absorption has averaged nearly 0.6 msf, reflecting sustained tenant demand across the market.