ATLANTA—In a commercial real estate variation on Yogi Berra's famous quip, “that place is so crowded, nobody goes there anymore,” net absorption has begun to decelerate in some industrial corridors. Yet the reason is not lack of demand, but lack of product.

“The Industrial market, particularly in the US, is different from many other commercial real estate categories because the growth of e-commerce has triggered a permanent, structural change in demand for these properties,” says Adam Mullen, Atlanta-based senior managing director and Americas leader, industrial & logistics at CBRE. “In some hot markets, we've reached the unusual stage of net absorption slowing because there simply aren't enough available properties to sustain it.”

In such circumstances, CBRE says in its industrial outlook report for the year, the challenge is clear: “A lack of quality choices in most markets has put users seeking to expand their supply chains in a difficult spot. While record-level rents are a concern, the compromises tenants must make on location decisions—either at the market or submarket level— are the real issue. These decisions can have a profound impact on overall supply chain costs, which are heavily influenced by transportation (both inbound and outbound) and labor costs.”