Almost all of the 2.2 million sq. ft. of new construction expected to complete in 2016 is pre-leased, which will contribute significant absorption gains to the market as these tenants occupy. As a result, there will be limited new supply opportunities. Depending on pre-leasing activity in the coming months, supply relief should hit the market in 2017, with 4 million sq. ft. of currently available supply anticipated to deliver in 2017 and beyond.
Source: CBRE Research