Leasing volume fell 17.5% QoQ and 5.2% YoY, while under construction space declined 11.1% QoQ and 20.6% YoY, pointing to easing supply pressure ahead. Asking rent held firm, up 3.2% QoQ and 2.1% YoY, suggesting resilient pricing despite softening leasing activity.

SALES TRENDS

Sales volume dipped 21.1% QoQ but rose 38.8% YoY, while average sale price per square foot declined 6.3% QoQ but held 9.3% higher YoY, reflecting a softer quarter against a broadly stronger annual trend in both volume and pricing.