Demand is close to being balanced with supply, with Q3 absorptions outpacing seasonal norms and new starts slowing, which should ease competitive pressure ahead.
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Pricing power is stabilizing from a high base. Rents are among the nation’s highest and posting modest year-over-year gains, with stronger momentum in a few core and coastal submarkets.
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Occupancy remains solid and near long-run norms, tightest in older stock and prime submarkets, while supply-heavy corridors continue to lag.
