Orlando and San Diego, for example, usually overshadowed by Miami and Los Angeles, each experienced huge gains. Investment activity in Orlando jumped from $19.2 million in the first half of 2013 to $58 million this year, an increase of 202%. And San Diego had a 260% increase in activity – from $98.6 million at mid-year 2013 to $355 million this year.

“Miami and LA are not out of favor,” Foster adds, “it's just that everything else has been more favored than it was.”

Furthermore, he does not expect prices or rents to stagnate any time soon. “We are only seeing some very limited spec construction of smaller buildings,” he points out, meaning that the US market will continue to remain somewhat short when it comes to supply. The national vacancy rate is roughly the same as it was when the market peaked in 2007, “but the development pipeline is not nearly as robust.” These days, lenders typically require far more equity in new development deals, “which is making everyone much more cautious.”

The Southeast region was the most volatile during the time period studied, moving from the second most active region in 2012 to fifth in 2013 and back to second again in 2014, Avison Young found. And at mid-year 2012, the Mid-Atlantic and Northeast regions accounted for less than 10% of investment activity at 9.5% and 9.8%, respectively. By mid-year 2014, the share of overall activity taking place in the Northeast had grown to 12.3%, while Mid-Atlantic activity had increased to 9.8%.

And even though the Midwest has steadily increased its share of the national investment activity, Foster does not believe that the region has hit its peak. “I think it's going to continue to be steady,” especially considering the central role the region plays in the nation's distribution networks. “We're still in the early innings.”