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  • The industrial real estate sector posted its’ best quarter since Q2 of last year, with 123.3 million s.f. of leasing activity.
  • Leasing activity highlighted a strong preference among occupiers for mid-sized facilities. Leases ranging from 100,000 to 250,000 s.f. emerged as a significant driver of market activity, accounting for 27.3% of total leasing volume.
  • New industrial deliveries were unchanged from the previous quarter with 79.6 million s.f. coming online in Q1.
  • The development pipeline contracted to its lowest point since 2015, shrinking by 29.9% year-over-year to 253.2 million square feet. Of this total, 86.7% is anticipated to be delivered in 2025.
  • The vacancy rate climbed to 7.3%, a 20 basis-point increase from the previous quarter, due to ongoing deliveries of unoccupied industrial space.
  • With increased leasing activity in Q1, net absorption increased 43.4% year-over-year as 40 million s.f. was absorbed.

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