MARKET TRENDS

• Average asking rents increased to $10.52 per square foot (psf) in Q2 2026 from $9.62 psf one year earlier, supported by 2.4 million square feet (msf) of positive absorption over the past four quarters.
• Vacancy increased to 7.9% in Q2 2026, up from 6.3% one year earlier. Over the past year, deliveries have outpaced absorption by an average of 0.4 msf per quarter, contributing to a consistent rise in vacancy.
• Over the past four quarters, net absorption has averaged 0.6 msf, the highest trailing four-quarter figure since 2022., reflecting increased tenant demand across the market.

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