Durnin: An increasing part of the industrial market is evolving in concert with the retail market, and the demands of e-commerce are developing at a very fast pace and show no signs of slowing. So, as industrial and retail products meet those changing needs, the demand will continue.

GlobeSt.com: Development has been kept in check this cycle. Why do you think that there has been such restraint despite the high demand for industrial product?

Durnin: There is huge demand for big box but the scarcity of land and significant infrastructure costs affect construction of large-scale industrial sites. Smaller infill product demand also increased with e-commerce growth but it faces the same challenges.

GlobeSt.com: With the growth of ecommerce, are the drivers for industrial different in this cycle than the last peak?

Durnin: During the previous peak the focus was still largely on warehousing demands and the life cycle of port traffic to store distribution. This cycle is more nuanced and focused on getting goods to consumers directly, quickly and efficiently.

GlobeSt.com: In analyzing the two cycles, are there any glaring concerns this round that could lead to another major disruption?

Durnin: While a decrease in consumer spending would logically affect e-commerce growth, it still has a relatively small footprint in a very big retail market. E-commerce makes up less than 10% of retail sales and occupies just a fraction of the industrial product tenant base, according to our CBRE research. E-commerce has plenty of room to grow and the strength of the industrial market is multi-faceted and a constant, so it's unlikely that there will be a major disruption.