Market Trends
- Vacancy has continued upward, climbing 40 basis points (bps) from Q2 and 230 bps year over year. Recently constructed inventory continues to plague the market as inventory built in 2023 and 2024 make up 4.3% of total market vacancy.
- Quarterly construction completions have declined nearly 68% year over year as the construction pipeline continues to rightsize. The largest quarterly completion was Red Chip Farms – Building B in the Licking submarket.
- Build-to-suit projects now account for nearly 85% of the 5.6-million- square-foot (msf) construction pipeline, with only 1.0 msf of speculative product remaining. Supply pressures from speculative deliveries are easing.