Average effective rent is forecast to rise 1.0%, with all submarkets projected to remain in positive territory, signaling a market supported by balanced fundamentals rather than isolated pockets of strength.
Net absorption is forecast to decline by 63% in 2026, yet completions are projected to drop 77%, creating a more favorable supply and demand relationship that should limit lease-up pressure and support continued pricing stability.
Stabilized occupancy is forecast to dip only 10 basis points to 94.2% in 2026, in line with long-term norms, reflecting a market that can absorb new supply without meaningful availability expansion as deliveries step down sharply.
