Industrial rents showed signs of moderation in the fourth quarter, with the average asking rates ticking up just one percent from Q3.

According to a new report from Cushman & Wakefield, just five of the 81 markets tracked by the firm's researchers posted double-digit quarterly increases, but there were also bright spots: Charleston, Inland Empire, Phoenix, and Miami all recorded annual gains of 40% or higher, while coastal and port/population-proximate markets continued to common premium pricing.

Construction starts also showed signs of slowing, though the overall pipeline remains robust. Cushman & Wakefield researchers note that 83% of the product under construction are speculative, with 21.3% of that pre-leased by tenants. Analysts predict supply to continue to outpace demand and suggest that the high number of projects being built on a speculative basis suggest a risk of overbuilding in certain markets in the near-term.