MARKET TRENDS

• In one of the most significant increases in historical records, the vacancy rate has surged by 250 basis points compared to the same period last year. This increase is a result of slowing demand and a large amount of space being delivered vacant.
• As economic uncertainty continues to rise, developers may become more cautious about initiating new projects, potentially resulting in a reduced pace of future development.
• In Q3, the quantity of space under construction was among the lowest seen since the onset of the pandemic, due in part to the prevailing economic uncertainty that has taken center stage in the minds of developers considering the launch of new projects.

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