Newmark：2025年第四季度棕榈滩办公楼市场报告（英文版）

Annual full-service asking rents eased slightly from record highs to $49.01/SF at the end of the fourth quarter of 2025, reflecting a 0.5% year-over-year increase. Vacancy increased 6 basis points quarter over quarter to 15.4%, despite a fourth straight quarter with no deliveries, as subdued demand produced a fifth consecutive quarter of negative net absorption. The development pipeline increased to 1.2 MSF in the fourth quarter of 2025, a more than eight-fold increase year over year, with pr