MARKET TRENDS

• The ongoing surge in new product supply led to a year-over-year increase of 100 basis points in the vacancy rate, rising to 7.3% from 6.0%.
• Asking rates declined by 3.1% year over year to $9.44 per square foot due to supply once again exceeding demand, prompting landlords to lower rates slightly.
• Quarterly net absorption reached 1.1 million square feet (msf), driven by United Natural Foods' occupancy of 1.0 msf on University Parkway in Sarasota, which helped balance negative absorption in other submarkets.

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