During the first quarter, about 2.2 million sq. ft. of industrial space was absorbed.
The lower activity occurred while another 4.1 million sq. ft. delivered to the market including two speculative distribution warehouses that measure over 1 million sq. ft. each.
Looking ahead, the development pipeline will remain active as almost 19.3 million sq. ft. of space is under construction (15.4 million sq. ft. spec) including eight buildings measuring over 900,000 sq. ft.
Rents continue to rise to historic levels as the average asking rate increased another $0.02 per sq. ft. over last quarter to start the year at $4.92 per sq. ft. on a triple net basis.