Industrial leasing activity fell below 200 million square feet in Q2, according to Cushman & Wakefield's report, but only so because there "simply isn't space to lease," said its top researcher.
That was part of the report's positive news that included the vacancy rate falling to an all-time low of 3.1 percent. This was the seventh quarter in a row that demand outpaced supply.
The quarter saw overall absorption of 120.4 million square feet (msf), up 3.9 percent quarter-over-quarter (QOQ) but down 10.4 percent year-over-year (YOY). New leasing activity recorded 187.1 msf, down 15.3 percent QOQ and 25.7 percent YOY.
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