Leasing volume fell 16.0% QoQ and 41.5% YoY, while under construction space rose 3.3% QoQ and 56.5% YoY, signaling a significant supply build amid weakening demand. Asking rent edged up 2.5% QoQ and 1.6% YoY, holding firm despite the challenging leasing environment.

SALES TRENDS

Sales volume slipped 2.7% QoQ and 74.0% YoY, while average sale price per square foot rose 6.3% QoQ and 20.3% YoY, reflecting a sharp contraction in transaction activity alongside notable pricing strength.