No sector of commercial real estate has gone unaffected by higher interest rates and the dampening they have exerted in multiple ways on investment. But if any have managed to move through with nary a scratch, it's been industrial.

"Industrial is experiencing a slow-down, which based on where it is in its cycle, should be expected," Ermengarde Jabir, director of economic research at Moody's, tells GlobeSt.com. Growth had been accelerating rapidly in 2020 but then "really picked up speed" in 2021 and 2022.

E-commerce and the inability of many to shop in stores during the worst of the Covid-19 pandemic was a driving force for the industrial market, particularly warehousing and logistics. When people could again broadly return to stores, e-commerce supremacy stumbled. But now it's back on track as though there had been a constant trend line through 2019.