Vacancy and availability continued to rise in quarter three. Sales volume remained slower in the summer months, however, September an uptick in demand for small and mid-bay listings, inducing optimism looking into 2025.

Average asking net rent witnessed a further decrease, to $21.03 PSF, which is a 4% year over year decrease.

The pandemic era surge in construction has considerably slowed, with space under construction down 48% from the Q3 2022 peak.