Sublease availability dipped for the first time in six months, falling slightly to 14.5 million SF in September. While still elevated, this marks a potential inflection point after a prolonged upward trend.

11 new projects broke ground in Q3 2025, adding fresh supply to the development pipeline. Despite the influx of 2 MSF of new speculative construction, overall availability rose only modestly to 104.9 million SF, suggesting that leasing momentum is starting to counterbalance upward pressure on vacancy.

Year-over-year overall availability growth was led by the South Atlanta (+28.0%) and Northeast submarkets (+14.2%). All other submarkets combined accounted for an 8.1% increase in space availability year-over-year.