Market Trends
- Vacancy, while up 70 basis points (bps) year over year, began to stabilize in the first half of 2025. Net absorption totaling 3.6 million square feet (sf) year to date has helped offset the occupancy losses recorded in 2024.
- The largest move-out of the quarter stemmed from the Madison submarket as Joann Fabric vacated 832,000 square feet (sf) following its bankruptcy filing in Q1 2025.
- The construction pipeline continues to normalize, with a growing share of activity focused on build-to-suit developments. Speculative projects now account for just 34.0% of total square footage (sf) underway.