INDUSTRIAL OVERVIEW: CONSTRUCTION SETS RECORD, GROWTH CONTINUES Strong tenant expansion continued in the first quarter as developers were underway on a historic volume of new projects while the pace of rent increases downshifted slightly. Net absorption totaled 73,987,060 SF in the first quarter, bringing the aggregate for the last four quarters since the lockdown to 252.3 million SF the most since 2017. Vacancy is projected to remain between 5% and 6%, roughly half of the…
