156,473 sq. ft. of positive net absorption was registered in Q4 2018 with the vacancy rate declining to the lowest level in recent market history at 4.6%, down 35 bps from last quarter and 114 bps from one year ago.
The 510,940 sq. ft. of positive net absorption for the year was the third highest since 2008.
The lack of new speculative supply, coupled with tightening availability, has forced tenants looking for space to defer moving or expanding and slowed the activity level.
Owner-built and build-to-suit projects will continue to be attractive options for industrial occupiers.