The firm's full year investment volume was 70% comprised of warehouse and industrial assets, and included $530 million in investments completed during Q4.

What is considered normal or stabilized vacancy in one geographic market is not the same in another, as vacancy and credit loss deductions are market-specific–making it even more challenging to make sweeping claims about the state of a given sector on a national level.

"Low yields in other asset classes in combination with the ability to increase rents acting as a partial inflation hedge should continue to drive demand for investments but not enough to dampen CRE investment."