MARKET TRENDS

• Leasing activity totaled 2.0 million square feet (msf) in Q3 2025, marking the strongest post-pandemic quarter and surpassing the 5-year quarterly average of 1.4 msf
• At 23.6%, the overall availability has decreased from 27.2% a year ago and is expected to decline further as reduced construction activity limits the addition of new supply
• While asking rents have trended upward, landlord concessions should remain high in all but the most indemand properties as building owners compete to fill vacancies

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