As is true for all commercial real estate, industrial, while still exhibiting strength, does face some struggles common to all CRE property types. However, another one, overall corporate debt maturities, could offer additional headaches, according to Newmark's latest report on industrial.

Industrial has been doing well. Q1 of 2023 has seen absorption of 65 million square feet, which is the best first quarter compared to pre-pandemic times. But that's also down 40.4% from 2022's Q4. Usually, the fall-off from Q4 to the following Q1 is more like 5% to 10%. There are also expansive amounts of new property, 138.0 million square feet in the first quarter.

"Many markets will encounter rising vacancy as the pipeline delivers into an environment of normalized demand, with an attendant increase in sublease availability," the report said. "However, new construction starts continue to ease amid further tightening of overall credit conditions as liquidity concerns remain pronounced following the takeover of First Republic Bank in early May 2023."