Year-to-date net absorption is ahead of the first half of 2021, while vacancy is down 20 basis points over the quarter and now stands at 3.9%—an all-time low. A record of amount of new supply is under construction, but supply chain issues are delaying deliveries. While growth in spending on goods, particularly online, has waned due to inflation as well as the decline of the stay-at-home economy, onshoring of advanced manufacturing is providing a tailwind for the sector.

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