Colliers recently wrote about industrial construction and oversupply, similar to multifamily. And, like that other category, changes in inventory partnered with demand have affected vacancy and rents.

According to Colliers, over the last eight quarters, there was record new supply in the top 25 markets. But in the past year, properties under construction dropped by half. New supply fell by 18% year-over-year in the biggest markets. Out of the total 77 markets that Colliers tracks, 25 of the top ones represent 76% of the total industrial base across the total markets.

As new supply increased over the last eight quarters, so did the average industrial vacancy rate, up 194 basis points to 6.4%. The largest 25 metros saw a vacancy increase of 202 basis points, again to a total 6.4%. That again was due to the 67% of new supply delivered to those markets.