"It will take longer, as historically industrial real estate vacancies start falling about three or four quarters after GDP growth turns positive. That said, [AMB Property] believe this recovery will be a little quicker since vacancies and new supply were at relative healthy levels heading into the downturn."

"Our current snapshot of the market remains very challenging on the operating front with continued downward pressure on rents. This downward trend is moderating and we expect to hit bottom by year-end. The national vacancy rate has increased to 13% due to continued negative absorption of space. So, there is much work to be done including the back-filling of existing space before occupancy or rents can grow in a meaningful way. We believe we could be as far as a year way from that point."

"Longer-term, industrial real estate demand is on solid footing. Major drivers of global demand for industrial real estate in order of importance are: global trade, global GDP, industrial production, business inventories and consumption. Global trade is the most important number to watch as it explains roughly 80% of the historical variation in demand. Data shows that for every 1% of GDP growth, global trade grows by 3.5%, which translates into increased demand for industrial real estate in the US."