MARKET TRENDS

• Average asking rent declined to $12.49 in Q2 2026 from $12.88 in the previous quarter as vacancy continued to rise and elevated availability weighed on pricing.
• Vacancy continued to increase, reaching 8.9% in Q2 2026, a 70 basis points (bps) increase year over year, as deliveries of new industrial product have outpaced net absorption.
• Net absorption has remained relatively stagnant through the first half of 2026, totaling just 0.1 million square feet (msf) year to date and following 2025 with a recorded 1.0 msf of negative net absorption.

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