Starting rents for the most expensive premium space rose 33% from pre-pandemic levels, compared with 14% at the segment's median.

Apartment permits and completions rose in August, even as housing starts fell across single-family and multifamily construction.

Rising property values give industrial and data center projects more room to absorb increases, while other developments may face tighter margins.

Higher development costs could keep competing supply in check, giving existing properties more time to fill vacancies and raise rents.

Build-to-suit projects are 96% preleased, compared with 38% for speculative new construction and 14% for speculative renovations.

Quarterly new leasing averaged 105 million square feet over the past year, roughly 10 million square feet short of the pre-pandemic average.

Deal activity and per-bed pricing are improving, but stable bed counts and slower absorption put more pressure on operators to increase admissions.

Rent growth averaged 1.2% during the 2026–2027 leasing season, while same-store rents fell in the markets with the highest delivery.