Supply pressure is poised to ease materially in 2026 as starts and the construction pipeline have already fallen sharply, setting up a much lower delivery forecast for the year and a more balanced competitive environment.
Operating fundamentals appear stable with occupancy projected to hold near current levels through 2026 as absorption improves and begins to more closely match new deliveries later in the year.
Rents remain in a mild correction, but the outlook is improving as the pace of declines is expected to decelerate, with performance increasingly driven by submarket-level supply exposure and demand depth rather than broad metro-wide weakness.
