Industrial

While the REIT still has appetite for infill, it spent 40% less than its $2.4B binge in 2022.

It ticked up 60 bps to 5.2% in Q4, the highest it has been since Q3 2020.

Savills sees potentially lower supply and possibly lower vacancy rates by late 2024.

Softening industrial markets, interest rate cuts in the summer and a robust shadow lending sector.

But it may take more than a prediction for the results they're looking for.

Even with the stark number, 'industrial assets remain attractive to both investors and lenders,' says Northmarq.

Some markets are flourishing even as development nationwide slows.

But if prices are falling and transaction volume is measured in dollars, could it be that markets are in better shape than it has seemed?