Vacancy and rental rates are two gates to gross profits in commercial real estate. But when it comes to net operating income, expenses are the third barrier. According to Savills, rising property taxes are putting the squeeze on owners and occupiers. In addition, they're also limiting rents.

"While higher vacancy rates and stabilizing rents have offered some relief to tenants, property tax sticker shock is emerging as a new pain point for warehouse occupiers, who often reimburse expenses on triple-net leases," they write.

The firm says that the industrial market is feeling particularly sharp pressure. Local governments have raised taxes in response to large jumps in property sale prices — up an average of 70.4% across 11 major markets in the U.S. and Canada during the last five years, compared to 4.3% for other CRE sectors — because property taxes are an important part of revenues. Again, on average, industrial properties have seen a 29.6% increase in assessments, with property taxes having grown by 21.3%.