‒Following strong performance in Q1 and Q3, Leasing momentum slowed sharply in Q4 with activity totaling 841K sq. ft., the lowest quarterly volume since 2020.
‒Net absorption registered 599K sq. ft., reflecting seasonal factors and tenant caution after earlier periods of robust demand.
‒Vacancy climbed to 10.6% and availability reached 13.3% as new deliveries combined with second-generation and sublease space kept supply elevated.
‒The average NNN rent edged up to $7.11 per sq. ft., with larger blocks maintaining pricing stability while smaller footprints faced greater pressure.