Market Trends
- Vacancy continued to decline through the first half of 2026, ending Q2 at 6.6%, a 260 bps decline year over year, as strong big-box demand and net absorption drove the market's recovery.
- Net absorption totaled 2.1 million square feet (msf) during the quarter and exceeded 6.0 msf year to date, marking the strongest first half of a year since 2022.
- The construction pipeline continued to accelerate and shift, reaching 8.2 msf at the end of Q2. Speculative development accounted for 45.0% of the pipeline, its largest share since late 2023.