Market Trends

• The vacancy rate was unchanged from the previous quarter. This is a result of slowing demand and a supply overhang with space being delivered vacant.
• As economic uncertainty continues to rise, developers are becoming more cautious about initiating new projects, potentially resulting in a reduced pace of future development.
• In Q3, the construction pipeline decreased to 4.8 million square feet (msf) from 5.0 msf a year ago. The average over the past two years has been 4.6 msf.

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