The industrial vacancy rate ticked up for a second consecutive quarter, according to Cushman & Wakefield, but remains historically low – 70 bps below the five-year quarterly average and 170 bps lower than the 10-year average.

The Q1 report measures it at 3.6% and many markets still sit below 3%. Deals are still getting done.

Jason Tolliver, executive managing director and co-lead of Americas Logistics & Industrial Services at Cushman & Wakefield, said in prepared remarks, "Given the voracious pace of growth the past two years and some timidity tied to a more uncertain economic outlook, deals are taking a bit longer to get done, but they are getting done and I remain upbeat on the outlook.