Market Trends
- Net absorption reached 1.0 million square feet (msf) in Q1 2025, marking a strong start to the year and a sharp increase from 0.2 msf in Q1 2024. The East submarket led activity, supported by larger tenant renewals and steady Class A demand.
- Vacancy held at 8.9%, with stable leasing and limited speculative deliveries balancing the market. Average asking rents dipped slightly to $9.32 per square foot (psf), down from $9.49 in Q1 2024, as concessions eased and tenant leverage normalized.
- Deliveries in Q1 2025 totaled 0.6 msf, continuing a slowdown from 1.7 msf in Q1 2024. With 3.6 msf under construction, developers remain cautious, focusing on build-to-suits and tracking strong activity in the East submarket.