Market Trends

• Predictably, as new inventory has come online and net absorption has fallen, the overall vacancy rate has inched higher, up 40 basis points (bps) year over year from 3.3% Q3 2022 to 3.7% this quarter.
• The quarter saw a huge drop in netabsorption, down 52.1% quarter over quarter pointing to a general slowdown in leasing activity.
• The pace of construction and delivery is predicted to slow in 2024 and, given the decrease in overall demand for storage and logistics space, new projects may be put on hold.

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