MARKET TRENDS

• Although new product continues to come onto the market through new deliveries, many occupiers are opting to remain in their current locations and renew.
• Development activity has slowed, with the under-construction pipeline down 2.8 million square feet (msf) year over year. This trend is expected to continue as occupiers work through newly delivered space that remains available.
• The vacancy rate climbed 90 basis points (bps) this quarter and 270 bps year over year, showing no sign of deceleration.

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