Also, vacancies ticked up by 10 basis points.

Overall, the market looks stable.

Meanwhile, net absorption remained positive for the eighth straight month.

While vacancies were elevated, there are a couple of positives.

However, things are expected to at least improve.

"Landlords remain confident in long-term demand," says Colliers.

So far, the developer has deployed roughly $385 million across 16 assets.

Plus, the company is using data to explore opportunities.