• The region’s record-low availability rates continue downward trend to 2.6%.
  • Rent growth continues to be driven by newly constructed facilities and higher than normal renewal rates are occurring, especially in markets with the lowest vacancy rates.
  • E-commerce, food and beverage, and home improvement companies continue to drive the leasing activity.
  • Urban facilities with 70,000 to 100,000 sq. ft. remain in high demand due to increased economic activity, urban population growth, and consumer same-day delivery expectations.