Industrial big box construction has performed well lately, but CBRE expects lease transaction volume to dip significantly this year, falling by 50%.
The post-peak pandemic leasing rush is waning, according to CBRE, and some tenants are waiting for more macroeconomic certainty.
A record level of product is under construction — a record 455 million sq. ft. is under construction, with 25.3% pre-leased — however highly constrained construction financing will reduce groundbreakings going forward.
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