MIAMI—The nation's industrial commercial real estate vacancy rate has hit a 15-year low. According to Cushman & Wakefield's latest report, strong abortion in the fourth quarter of 2015 put occupancy gains among the strongest on record.

Specifically, US industrial markets absorbed 62.9 million square feet of space in the fourth quarter of 2015. That's up 9.1% from the previous quarter and up 0.5% from the fourth quarter of a year ago.

All told, net absorption in 2015 reached 238.6 million square feet. That ranks 2015 among the strongest years of net absorption gains since market research firms have been tallying the numbers. The national industrial vacancy rate fell 80 basis points from the fourth quarter of 2014 to 7.2%. Industrial vacancy is now a full 220 basis points below the historical average.

Nationwide, industrial rents increased 4.2% in the fourth quarter compared to a year ago, CushWake reports. Strong leasing velocity and tight vacancy are putting upward pressure on rents in most markets. Rental rate appreciation is strongest in primary industrial hubs and secondary distribution markets.

Specifically, industrial rents increased in 60 of 79 markets tracked by Cushman & Wakefield from the fourth quarter of 2014 to the fourth quarter of 2015. The development pipeline remains strong with 180.5 million square feet under construction and 172.4 million square delivered in 2015, but the firm says there is little sign that supply has overpowered demand.

"Based on active tenant requirements—an indicator of future leasing velocity—there is a robust pipeline of pent-up demand," says Jason Tolliver, CushWake's head of Industrial Research for the Americas. "With current and projected demand from active tenant requirements double the amount of speculative construction now under way, demand will likely exceed supply for at least one more year as domestic fundamentals and industrial occupancy drivers remain strong."

In the fourth quarter of 2015, the strongest markets in terms of rent growth included San Diego, with 19% year-over-year rental appreciation; Pittsburgh, with 17.9%; Los Angeles, with 11.4%, Inland Empire, with 11.2%; Las Vegas, with 11%; Columbus, with 9.4%; Miami, with 8.6%; Nashville, with 8.3%; East Bay, with 7.3%; and Atlanta, with 7.3%. Mega industrial sites are also making headines in Florida.

"There's upside in industrial if owners can figure out a way to bring in all costs at $120 per square foot," Ed Easton, founder, chairman and CEO of The Easton Group, tells GlobeSt.com. "There will be a strong upward movement of rents in the industrial market."

Easton doesn't see any downside with the industrial market, especially with the Panama Canal expansion. If the embargo with Cuba is lifted, he says, that will service 13 million people out of Miami. As he sees it, no one will store in Cuba until the nation gets democratized.

"Interest rates will remain relatively low," Easton predicts. "Obviously we had one increase from the Fed, but my guess is we won't get more than two in 2016. That would bring the total increase to 75 basis points. On a historical basis interest rates are still very low."