While net absorption dipped to -39 units in Q2 2025—its lowest second-quarter result in over a decade—year-to-date demand remains positive at 88 units, and the broader trend reflects a market adjusting to post-peak leasing activity following unusually strong absorption in 2023.
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New construction has slowed sharply, with only 22 units delivered in Q2 and fewer than 300 units under construction, helping to alleviate future supply pressure as the market digests elevated vacancy in certain submarkets.
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Rent growth remains strong, with a 4.5% annual increase placing Springfield among the top five U.S. metros, driven by solid gains in Class B and C properties.
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MARKET OUTLOOK
Springfield's fundamentals remain relatively stable, supported by a limited construction pipeline and solid rent growth...
