Market Trends

• Vacancy, while up 140 basis points (bps) year over year, has remained flat for three consecutive quarters, as positive net absorption through the first half of 2025 has nearly kept pace with new construction deliveries.
• One of the largest occupancy gains of the quarter occurred in the Prince George’s submarket, where Amazon recently committed to 164,000 square feet (sf) at 4990 Beech Place in Temple Hills.
• The remaining construction pipeline is largely pre-leased, with 43.0% still available. One of the largest remaining speculative projects is the 516,000 sf, two-building project at Frederick Airport Park.

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