Market Trends

• Net absorption slowed to 0.3 million square feet (msf) in Q3 2026, yet about 85% of annual absorption was in buildings larger than 100,000 sf built since 2024, as tenants favor newer space.
• Asking rents eased to $10.09 per square foot (psf) in Q3 2026 from $10.52 psf in Q2 2026 but remained 5.4% above the $9.57 psf recorded a year earlier.
• Approximately 50% of the 5.1 msf under construction is in buildings ranging from 100,000 to 200,000 sf, a size segment that already has a high vacancy rate of 10.2%.

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