Absorption moderated in the fourth quarter, with trailing 12-month net absorption totaling 9,588 units, reflecting both market seasonality and decelerating deliveries. Vacancy ticked up modestly to 7.4%, though remains within a stable historical range. Asking rents remained relatively flat for the year at $2,064 per unit. Sales pricing has remained durable, with average price per unit ending the year at approximately $356,000, while cap rates compressed to roughly 5.0%. Despite some near-term softness in fundamentals, limited new supply and improving capital markets are reinforcing Seattle MSA’s position as a durable, long term investment market.