As MSCI noted in its expansive analysis of the first half of 2023, "Industrial properties are facing a more muted decline in prices than seen in other property sectors. With less evidence of price declines, lender behavior is different for industrial properties as well, with groups that have pulled back elsewhere stepping up their lending for the sector."

Knowing who is lending is a good first step toward knowing where to look for financing. In this case, there have been some changes over what had been normal.

The report didn't have all the data available but did have some significant amounts. In the years from 2015 through 2019, the average percentage of financing for industrial was 26%. For national banks, 23%. CMBS was 19% and insurance was 17%. Investor-driven lenders, which are largely debt funds but also mortgage REITs and hard money lenders, were something under 10%, international banks maybe 5%, and private/other, a few percent.