Industrial ended the third quarter on a record tear, with demand outpacing supply for the third straight quarter and absorption shattering prior records.

A new report from Cushman & Wakefield shows that the market absorbed 140.7 million square feet of industrial space in Q3, the most space ever absorbed in a single quarter of any year the firm has analyzed such data. That brought the year-to-date total to 365.9 million square feet, a whopping 98% above the same period in 2020 and the most absorption ever recorded in a single year.

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