TAKEAWAYS

• The market acknowledged the increased demand for industrial space with a record number of buildings being placed under construction in Q1 and will likely continue to add more despite the rise in cost of building materials.
• Asking rents increased for the eleventh quarter in a row rising 12.7% year over year as landlords capitalize on the market’s need for additional space.
• As the vacancy rate continues to fall to historic lows, tenants must look to new submarkets as the flight to quality for Class A space continues and little remains on the market.

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