The global vacancy rate increased by 10bps to 16.8% in Q4, with vacancy higher in Europe and North America but declining in Asia Pacific. New supply is set to fall during 2025 in Europe and North America, where new groundbreakings have fallen to their lowest level on record in the United States. This is expected to contribute to vacancy peaking and starting to decline in both regions over the next 12 months; with less new space coming to the market and availability concentrated in less desirable buildings and locations, competition for the best space will continue to intensify.