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

Transaction activity through August exceeded two recent full-year totals, even as some markets recorded sharp occupancy declines.

Forty-three percent of builders lowered prices in October, but buyer traffic weakened as mortgage rates and construction costs weighed on the market.

With nearly three in 10 on-site employees churning last year, many teams are centralizing to ease the burden.