Market Trends

• The vacancy rate jumped by 110 basis points (bps) from the previous quarter. This increase is a result of slowing demand and a large amount of space being delivered vacant.
• As economic uncertainty continues to rise, developers may become more cautious about initiating new projects, potentially resulting in a reduced pace of future development.
• In Q4, the construction pipeline thinned to 4.1 msf, the lowest in nine quarters. Stripping out data centers, only 2.3 msf are under construction and available, minimizing oversupply risk.

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