Market Trends
- Net absorption slowed to 400,000 square feet (sf) in the first half of 2025, driven primarily by new leasing activity. The East submarket accounted for four of the five largest deals, led by National Tire Wholesale’s 264,431-sf lease at 2470 Airport Boulevard.
- Vacancy reached 9.8%, up 70 basis points from Q2 2024, as asking rents declined to $8.96 per square foot. The drop reflects a combination of rising vacancy and more competitive pricing strategies by landlords, including increased concessions.
- Construction reached 4.9 million square feet, with nearly 80.0% of activity concentrated in the Northeast and East submarkets. The pipeline is increasingly build-to-suit, as developers limit speculative starts amid softer demand.