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United States

Report | United States Industrial Outlook - Q3 2015


Vacancy in the third quarter has reached 6.7 percent, a full 100 basis points below the low-point of the last market expansionary period and also a 14-year low. Average warehouse asking rents also now exceed last cycle's peak by 3.0 percent. Net absorption has continued to outpace construction completions since 2010, and 2015 will mark a continuation of this trend; in the first nine months of the year, net absorption surpassed new construction deliveries by 31.0 million square feet.

Current and projected future demand from active tenant requirements in the market are approximately 2x that of speculative construction now underway - an indication that there is still plenty of room for further development. Needless to say, these are the best numbers we have seen for a very long time.

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