Market Trends

• Vacancy year-over-year dropped120 basis points (bps) from 4.1% to 2.9% and 60 bps quarter-over-quarter.
• After two quarters of decline, net absorption rebounded to 3.3 million square feet for Q1 2023, an increase of 128% over the prior quarter.
• Total inventory increased 1% over the quarter and new deliveries will continue at a healthy pace as there is approximately 15 million square feet under construction.

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