MARKET TRENDS
- Construction increased to 8.3 million square feet (msf), up 1.9 msf year over year, with Wilson County and the Southeast submarket accounting for much of the market's development activity.
- Vacancy increased to 7.8%, up 150 basis points year over year, as 3.7 msf of deliveries outpaced 1.2 msf of yearto-date net absorption.
- Average asking rents increased 4.9% year over year to $9.82 per square foot (psf), supported by continued demand for newer Class A facilities despite elevated vacancy.