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MARKET TRENDS
- Net absorption remains negative, standing at negative 200,000 square feet (sf) year to date as of Q2 2025, as activity remains concentrated within renewals.
- Macroeconomic uncertainty, compounded by excess new supply, has contributed to an elevated vacancy rate of 8.1%, a 140-basis-point (bps) increase year over year.
- Average asking rents declined 2.9% quarter over quarter, reflecting market dynamics that continue to shift in favor of occupiers.