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Market Trends
- Asking rental rates, inventory, and deliveries increase as new high-quality product continues to finish construction in multiple submarkets.
- The large deliveries this quarter have made a significant dent in the amount of product under construction as high interest rates raise concerns with developers and investors considering new projects.
- Healthy absorption caused by quick leasing of available space has kept vacancy rates at a relatively flat level despite large deliveries of new space to the market.