• Occupancy grew by more than 27 million square feet during 2021, well above the previous historically high mark of 17.2 million square feet set in 2014.
  • Overall vacancy hit its lowest measure in recent years, underlying the lack of available modern, Class A existing warehouse. As such, the construction pipeline grew to 32.2 million square feet by the year’s end.
  • Average asking rents grew by more than 12% during the past year as a result of persistent demand and lack of supply