MARKET TRENDS

• Vacancy continues to rise, reaching 6.8%. Year over year, vacancy has increased by 170 basis points (bps), signaling slightly softer market conditions in the coming months.
• Development activity has slowed with the under-construction pipeline down 2.6 million square feet (msf) year over year. This trend is expected to continue as occupiers work through newly- delivered space that remains available.
• With leasing activity heavily concentrated in large renewals and additional space coming onto the market through deliveries, average lease rates may start to plateau.

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