GlobeSt.com: Can you give a brief summary of what you see occurring?
Spencer: We've had downward pressure on industrial demand based of the lack of consumer purchasing power. Yes, that's happening, but there's also an increase in wholesale inventory due to just-in-time concerns and the need to have more inventory on hand than was needed a year ago. So that's a plus for industrial real estate. I think the two forces will counterbalance one another.
GlobeSt.com: Why is this happening?
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