Market Trends
- 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.
- Vacancy reached 9.8%, up 80 basis points year over year. Asking rents fell to $8.77 per square foot (psf), driven by modest declines across multiple submarkets, including a second consecutive quarterly drop in the East submarket, now averaging $7.10 psf.
- Construction rose slightly to 5.0 msf, concentrated in the East and Northeast submarkets, led by PepsiCo’s 1.2-msf build-to-suit project in the Northeast, expected to deliver in early 2026.