Market Trends
- Vacancy continued to tick down as 2025 ended, declining 170 basis points year over year. Annual net absorption totaling 8.3 million square feet (msf) fueled the decline as new leases from prior quarters, such as Bleckmann Group, commenced.
- New commitments from occupiers in the logistics sector continued to drive activity in Q4, evidenced by large new leases from Crane Worldwide Logistics in Pickaway and DHL Supply Chain in the Southeast.
- The development pipeline climbed 3.1 msf year over year but consists of nearly 80.0% build-to-suit product, setting a high floor for the near-term absorption outlook heading into 2026.