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  "notes": "The slide contrasts quarterly net absorption (volatile, negative since 2020) with cumulative net absorption by vintage (positive for 2015-present, negative for all older vintages).",
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      "text": "Source: CoStar, JLL, J.P. Morgan Asset Management. (Right) Data is sourced from the “U.S. Office Market Dynamics, Q4 2025” report. Guide to Alternatives. Data are based on availability as of January 31, 2026.",
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