Positive Quarterly Absorption Continues The market realized 35,362 SF of positive absorption in the second quarter of 2024, its fifth consecutive quarter of positive net absorption, bringing year-to-date total net absorption for the first half of 2024 to 879,144 SF.
Rents Climb Year over Year Overall rental rates climbed by 10.1% year over year to $9.89/SF.
Under-Construction Pipeline Ticks Up The construction pipeline recorded deliveries of 570,261 SF in the second quarter of 2024, with 6.0 MSF under construction, reflecting a 6.8% quarter-over-quarter increase and 10.8% year-over-year increase.
Vacancy Rates Increase Following new deliveries outpacing yearly demand in 2023 and the first half of 2024, vacancy increased by 30 basis points quarter over quarter to 4.3%.
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