MARKET TRENDS

• 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.
• Average rental rates remain flat, rising 0.5% year over year as the market competes for limited net new demand and renewals remain prevalent, keeping rents contained.
• Net absorption stands at 218,586 square feet (sf) for Q3 2025, as build-to-suit projects and renewals help stabilize conditions amid excess new supply and ongoing macroeconomic uncertainty.

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