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Market Insight - First Quarter
U.S. Industrial Market First Look: 1Q15
The U.S. industrial market continued its historic run in the first quarter, shaking off weakness in the manufacturing sector. Here are some of the details:
- The vacancy rate fell for the 20th consecutive quarter to its lowest level in 14 years, ending the first quarter at 7.0%. Vacancy was down from 7.2% at the end of 2014 and down from 7.7% a year ago.
- Asking rents continued to rise, ending the first quarter at $5.81/SF NNN, up 4.1% over the last four quarters and up 16.1% from the cyclical trough of $5.00 in 2010.
- Demand is off and running this year, with first-quarter absorption of 43.5 million SF trumping last year’s first-quarter total of 41.7 million SF. Absorption also trumped space completions, which totaled 42.6 million SF in the first quarter.
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Commercial Real Estate Outlook