Market Trends
- Year-to-date net absorption totaled 1.6 million square feet (msf), down 0.4 msf from the prior period. Deliveries of 4.5 msf through Q3 outpaced occupancy gains by 2.9 msf, keeping vacancy elevated at 7.8%.
- Construction rose to 9.2 msf, up 3.9 msf year over year and the highest since Q1 2024. Wilson County and the Southeast submarket accounted for 82.0% of activity, potentially prolonging vacancy pressures.
- Average asking rents rose 9.2% year over year to a high of $10.04 per square foot (psf), though quarterly growth slowed to 2.2% from 6.6% in Q2 amid elevated vacancy and expanding supply.