Leasing volume fell 36.4% QoQ and 45.3% YoY, while under construction space was fully depleted with no active pipeline remaining. Asking rent held steady, up 2.3% QoQ and 1.9% YoY, offering a bright spot within a contracting supply market.

SALES TRENDS

Sales volume fell sharply, down 88.6% QoQ and 94.8% YoY, while average sale price per square foot rose 24.3% QoQ and 44.4% YoY, reflecting an extremely thin transaction market alongside significant pricing strength.