MARKET TRENDS

• 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.
• Average asking rents reached $9.57 per square foot (psf) in Q3 2025, up from $9.04 psf in Q3 2024. This 5.8% annual increase marks the continuation of rent growth over the past year.
• Construction activity finished at 3.4 million square feet (msf) in Q3 2025, up from 2.1 msf one year earlier. Year-to-date deliveries reached 1.4 msf by the end of Q3 2025, a 0.7 msf decrease from a year prior.

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