Market Trends
- Vacancy compression continued in Q3, with market vacancy declining 210 basis points (bps) year over year, driven largely by tightening in the big-box segment.
- Buildings ranging from 500,000 to 750,000 square feet (sf) represent the tightest segment of the market, with a vacancy rate of 3.4%, while also recording the largest year-over-year decline, falling 750 bps from Q3 2025.
- The development pipeline has accelerated over the past 12 months, reaching 13.7 million square feet (msf), with speculative development accounting for 67.0% of the total.