Market Trends

• The overall vacancy rate has steadily risen over the past four quarters, with an increase of 80 basis points (bps) year over year from 3.5% in Q4 2022 to 4.3% this quarter.
• Net absorption rebounded at year-end, jumping 62% year over year from 1.4 million square feet (msf) in Q4 2022 to 2.3 msf in Q4 2023.
• Over 3.1 msf of new space was delivered in Q4 2023. As the pace of leasing slows in many submarkets, there may be downward pressure on rental rates.

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