"Demand is far exceeding supply as available buildings are receiving multiple offers, often just days after hitting the market," says Colliers Arnold's director of research Bobby Palta.

"The low interest rates have motivated most available buyers in the market, which has seriously depleted the inventory of buildings available for sale," he says. That situation has caused values to rise, "making it a real seller's market," Palta adds.

On the leasing scene, "landlords are trying to hold the line on asking rents, while free or partial rent concessions are still very prevalent in luring tenants," Palta says. "Broker incentives are getting outrageous, with one reported leasing incentive of a $25,000 Harley Davidson" motorcycle.