Two numbers that should logically be pulling against each other, both getting worse at the same time. Vacancy's still sitting under one percent. And building companies are going insolvent at a rate not seen in years, up sharply on the year before.
You'd think a housing shortage this severe would mean builders are thriving. Instead a lot of them locked in fixed-price contracts back in 2021, before materials and labour costs spiked, and now every project they finish loses money. Being busy and being solvent turned out to be two completely different things.
For anyone planning a new build right now, that's the actual risk to underwrite. Not whether the market wants the finished product, it clearly does, but whether the builder survives long enough to hand you the keys.