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Market Trends
- Net absorption rose significantly in Q3, reaching 1.2 million square feet (msf) year to date. New leases from Amazon Robotics and Reframe Systems should sustain momentum through year-end.
- Average asking rents declined 4.4% year over year to $12.64 per square foot (psf) amid elevated vacancy.
- Vacancy rose year over year, reaching 8.8% in Q3, as year-to-date deliveries of 2.5 msf outpaced net absorption of 1.2 msf.