Virtually every segment of commercial real estate has felt some degree of impact from current economic conditions. Even the darlings, like multifamily.

And although the world has officially passed the Ides of March, PGIM Real Estate thinks many metros will likely be saying, "Et tu, industrial?"

"Economic headwinds have mounted over the past year, and while we believe the Industrial sector will remain resilient, it will not be immune," said the report. "Should the U.S. enter a recession, markets that are not solely reliant on local economic activity will prove more resilient."

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