Market Trends
- Vacancy has continued trending downward, declining 160 basis points (bps) year over year. Healthy net absorption in 2025, totaling 7.8 million square feet (msf) of occupancy gains, helped catalyze momentum into 2026.
- In Q1 2026 alone, the market recorded 4.0 msf of net absorption, with one of the largest moves being Amazon’s 1.1- msf purchase of 44 Commerce Parkway in the Madison submarket.
- The construction pipeline continues to shift, totaling 5.7 msf, of which 79.0% is build-to-suit product. This marks a stark contrast from Q1 2024, when build-to-suit projects made up 54.0% of the total pipeline.