→ Overall availability rose slightly to just over 101 MSF, driven mainly by nearly 2 MSF of new speculative starts despite solid leasing, signaling a more balanced market. For the second straight month, availability was higher in properties 250,000 SF and below, a shift first seen last month since tracking began in October 2024.

→ Sublease availability ticked up slightly, with increases concentrated in blocks above 250,000 SF, particularly in the South Atlanta submarket, pointing to localized pressure among larger users rather than broad-based softening.

→ Development activity reaccelerated in March, with the most groundbreakings in a single quarter since late 2022, pushing under-construction availability to roughly 11 MSF. While the pipeline remains measured overall, this marks a notable shift as new supply begins to re-enter the market.