MARKET TRENDS

• New construction continues to command top dollar ($8.50 to$9.50 per square foot, NNN) as owners need to offset higher material costs and surging land prices.
• Sales volume fell by 48.0% from the prior quarter but should rebound as warehouse properties remain a desired asset class.
• Tenant activity is expected to moderate from recent highs as declining consumer sentiment and slowing e-commerce sales are headwinds for occupiers that may impact absorption in the coming quarters.

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