MARKET TRENDS

• Construction activity is picking back up, with about 1.3 million square feet (msf) underway, up from 0.8 msf in Q1 2026 and the highest total in four quarters.
• Vacancy increased by 90 bps year over year but declined slightly in Q2 2026. Net absorption reached 0.8 msf after posting a decline of more than 1.0 msf in Q1.
• Renewals drove most of the quarter’s leasing volume, with several large transactions signed east of Baltimore, including deals from The Clorox Company and Sephora.

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