Market Trends
- Space constraints are expected to continue even as the 11.3 million square feet (msf) of construction activity underway aims to provide tenants more options.
- Vacancy continues to decrease as the market adjusts for new supply and growing demand, while asking rents increased by 2.3% over the past 12 months.
- Second quarter net absorption totaled 2.8 msf, which is 140%higher than the 5-year quarterly average of 1.2 msf.