The vacancy rate is the highest in about a decade, Myles says.
Multiple large blocks of space have recently come on the market, including a significant amount of subleased space along the Northeast submarket, the largest industrial submarket, they note. Also, year-to-date negative absorption is about 800,00 sf, a reflection of downsizing by most industry sectors.
Developers, however are responding to the market by only breaking ground on 564,000 sf of speculative space since January, a relatively small amount compared to previous years, they note.
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