MARKET TRENDS
- Deliveries totaled 0.1 million square feet (msf) in Q2 2026, while construction increased to 2.0 msf, up 0.2 msf year over year, a sign of growing developer confidence.
- Vacancy ended Q2 2026 at 8.8%, up year over year. Net absorption reached 0.9 msf year to date (YTD), driven by the Northwest submarket which posted 0.3 msf of occupancy gains in the quarter.
- Asking rents increased to $0.80 per square foot (psf), up 2.5% year over year. Growth is being driven by newer, high-quality product with rents expected to remain stable.