Despite a strong leasing rebound of 53% in Q1’26, asking rent slipped another $0.02 QoQ and the construction pipeline contracted 42%, signaling continued caution among landlords and developers. Leasing demand, stabilizing despite volatility, points to a return to more normalized levels.

SALES TRENDS

Despite a 41% QoQ pullback in sales volume following a strong Q4’25, average sale pricing firmed, up 12% from the prior quarter and 6% YoY. Softer transaction activity alongside resilient pricing points to selective but confident buyer demand, with fewer deals closing at stronger values.