→ Total availability declined to 98.9 MSF in December, down from 101.5 MSF in November, supported by several sizable year-end leasing transactions. This represents the first meaningful pullback in availability since mid-2025, suggesting large-block absorption is starting to counteract new deliveries.

→ Sublease availability continued to ease, falling to 13.1 MSF, down from its August peak of 14.7 MSF. The steady month-over-month decline reflects fewer large subleases entering the market and improving confidence among existing occupiers.

→ Heading into 2026, the market appears to be transitioning from expansion to stabilization, as declining availability and improving sublease dynamics are reinforced by a disciplined construction pipeline, setting the stage for a more balanced year ahead.