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MARKET TRENDS
- Average asking rents reached $10.17 per square foot in Q4 2025, up 0.9% year over year. Rent growth persisted despite rising vacancy, supported by newer inventory and higher replacement costs.
- Net absorption totaled 1.7 million square feet (msf) year to date in 2025, up from 1.1 msf in 2024. Demand remained solid but was not sufficient to fully offset new supply additions.
- Vacancy increased to 6.4% in Q4 2025, up from 6.1% one year earlier as inventory growth continued to outpace demand. Vacancy rose modestly quarter over quarter despite positive absorption.