"Vacancy continued upward following a second consecutive quarter of negative net absorption, totaling -687,378 square feet (sf) in the second quarter and now -1.9 million square feet (msf) year to date. "

"Vacancy fell 70 basis points (bps) year over year to 8.1% in Q3 2025. Strong net absorption, topping 2.5 million square feet (msf) for the second time in three quarters, was driven by Anduril and Ryder Logistics."

"Nashville’s vacancy rate held steady at 6.2% in Q3 unchanged quarter over quarter, as 0.5 million square feet (msf) of net absorption outpaced 0.3 msf of new deliveries, reflecting continued market balance and steady demand."

"Vacancy rose to 9.3% in Q3 2025, up from 7.3% one year ago, as newly delivered space entered the market largely unleased. Net absorption totaled 0.2 million square feet (msf) year to date, well below 4.2 msf in Q3 2024."

"Vacancy stabilized at 6.2% in Q3 2025, down slightly from a peak of 6.3% earlier in the year. The rate has held within a narrow 10-basis-point range since Q1, indicating balance between new deliveries and tenant demand."

"The largest delivery of the quarter was Amazon’s 1.1 million square foot buildto-suit project located at 6980 Otay Mesa Road. Without this South County submarket move-in, absorption would have been nearly zero for this quarter."

"The vacancy rate has stabilized, rising only 30 basis points (bps) over the past three quarters as new deliveries have sharply decelerated and demand begins to work through recently delivered product."

"Net absorption reached 1.0 million square feet (msf) year to date. The East submarket led leasing activity, anchored by RK Industries’ 278,812-square-foot renewal at 20101 East 36th Drive, the largest deal of the quarter."

"Despite a slight dip in quarterly net absorption, the market has posted 2.0 million square feet (msf) of occupancy gains through the first three quarters of 2025, keeping vacancy stable between 6.6% and 6.8% over the last four quarters."

"Sentiment is improving amid stronger leasing, yet trade policy and elevated construction may delay recovery."