Leasing volume fell 31.9% QoQ and 29.3% YoY, while under construction space held flat QoQ but doubled YoY, signaling a significant supply build ahead. Asking rent dipped 1.1% QoQ but rose 7.6% YoY, reflecting stronger annual pricing despite near-term softness.

SALES TRENDS

Sales volume declined 12.0% QoQ and 20.8% YoY, while average sale price per square foot fell sharply, down 34.6% QoQ and 72.4% YoY, reflecting significant deterioration in both transaction activity and pricing.