• The direct vacancy rate declined significantly year-over-year, but large blocks of still-available obsolete space have led to higher vacancy in the past two years than in the three years prior.
  • The market absorbed one large block of available space since a Kroger subsidiary leased almost 200,000 sq. ft. for distribution in Q4 2017.
  • Lease rates continued to rise, showing the demand for quality industrial space is also rising.
  • Positive net absorption was achieved again as more space was occupied than vacated.
  • There is more industrial space being developed than there has been since 2013, and 46% of it is speculative in nature.