At least, until 2013. Since the beginning of the year, the small- to medium-size user, those requiring anywhere between 7,500 square feet and 25,000 square feet, have been coming out of the woodwork. Conrad explains that the smaller user has been more cautious and reluctant to make a move until understanding what was going on in the business community. The users are following in the steps of the larger ones, however. Furthermore, "many of the users we've landed are in one way or another tied into the housing market," Conrad comments. "We've seen the re-emergence of that industry."

As such, Lincoln Commerce Park 2, which caters to the small and medium industrial user, has been a popular during the past six to nine months. Tenants signed include:

Additionally, two other pending deals will total 22,160 square feet.

Couple all of that with the lack of new product coming online. Conrad points out that mid-year stats show the submarket with an 11.8% vacancy. However, "when you break it out and quantify that with the buildings offering modern features such as good, clear heights, grade level zoning and truck wells and adequate truck maneuverability with freeway access, that vacancy in the submarket is less than 5%."

Furthermore, while rents are starting to appreciate (especially among the newer product), they're not appreciating to the point at which developers will be willing to put more buildings in the submarket. This isn't to say, however, that there is no interest in building.

"There's still a little bit of a disconnect between costs and existing rental rates," Conrad says. "But developers are going to start to put feelers out there, and to look at opportunities."