The good news is that the markets with the most new construction will be able to handle the resultant vacancy challenge. The bad news…well, according to Marcus & Millichap's Adam Lewis, there isn't any.
Adam Lewis Marcus & Millichap By The Numbers 
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July 10, 2025
Southern states are driving the boom with the most units completed in 2024.
July 10, 2025
Also, three of the top five markets are in Arizona.
July 10, 2025
Meanwhile, national occupancy is up year-over-year.
