Market Trends

• The vacancy rate ticked up slightly by 10 basis points (bps) from the previous quarter. This negligible increase is a result of slowing demand and 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 Q1, the construction pipeline contracted to 3.8 msf, the lowest in ten quarters. Stripping out data centers, only 2.3 msf are under construction and available, minimizing oversupply risk.

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