Leasing volume declined 9.4% QoQ and 21.1% YoY, while under construction space fell 3.1% QoQ and 27.6% YoY, reflecting a broad contraction in activity. Asking rent remained relatively stable, up 1.3% QoQ and 0.4% YoY, suggesting modest pricing resilience amid softening demand.

SALES TRENDS

Sales volume fell 55.9% QoQ but rose 62.2% YoY, while average sale price per square foot edged up 7.4% QoQ but slipped 6.0% YoY, pointing to annual pricing softness despite a stronger transaction base compared to a year ago.