Demand has turned a corner, reaching a record quarterly high in Q3, with broad-based leasing strength led by suburban submarkets and a much tighter gap between net absorption and deliveries.
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Supply pressure is easing as the construction pipeline steps down to the lowest level since 2020 and new starts slow considerably, setting up a more balanced market ahead.
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Pricing and occupancy remain soft but are stabilizing, with concessions still prevalent as lease-ups progress, especially in more urban areas. However, the recent shift in supply–demand dynamics suggests these trends should soon transition from stabilization to recovery.
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MARKET OUTLOOK
Birmingham enters late 2025 with improving balance as demand exceeds historical norms and the pipeline recedes...
