→ Overall availability held steady at 101.5 MSF, easing slightly from October’s 101.9 MSF. This stabilization suggests the market is rebalancing after increased availabilities during the first half of 2025.

→ Sublease availability dropped to 13.5 MSF in November, the third consecutive month of decline from an August peak of 14.7 MSF. Fewer larger subleases are coming online, signaling a healthier and more stable sublease environment.

→ There is now 7.0 MSF currently under construction, including three build-to-suit projects totaling 2.1 MSF.  The remaining 4.9 MSF is spec product, which will facilitate a more manageable pipeline for the market to absorb in the upcoming months.