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A broad-based recovery in the nation’s industrial market is under way. Vacancy peaked a year ago, at 13%, and has since dropped to 12.5%, based on preliminary first-quarter estimates. Effective rents have stabilized, and the dollar volume of sales is up 23% so far in 2011 over the same period last year. This increase comes on the heals of volume more than doubling, thanks to a surge in sales of large institutional properties in 2010 from extreme lows in 2009. The average price per square foot for industrial assets has bottomed, with top-tier assets in primary markets registering the only gains over the past year. 

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