Market Trends
- Space constraints are expected to continue even as 10.2 million square feet (msf) of construction activity underway aims to provide tenants more options.
- Vacancy has decreased since Q3 2021 as the market adjusts for new supply and growing demand, while asking rents increased by 5.6% over the past 12 months.
- Quarterly net absorption slowed to near the 5-year average during Q3 2022, however leasing activity remains strong crossing 3.0 msf for the third consecutive quarter.