Industrial

But potential distress is far worse — as much as $234.6 billion.

Even so, things aren't as bleak as the change from 2022 might suggest.

Industrial investments made at the end of 2017 should post returns of 180% over a 10-year investment horizon.

Vacancy rate at 7.6% as 23M SF arrives, another 40M SF is under construction.

Partners buy 32-acre site for $150M, to build 600K SF project in Irvine.

Rising shipping costs could spur higher inflation, causing the Fed to be more cautious on rate cuts.

Pre-leasing ebbs as demand slows, vacancy rate hits 3.1%.

The level of interest rates may no longer be the one-factor model for CRE prices