About 4.2 million sq. ft. of industrial space was absorbed during the second quarter, almost doubling the total absorption in the first quarter.
Looking ahead, the development pipeline will remain active as more than 19 million sq. ft. of space is under construction, including eight buildings measuring over 1 million sq. ft.
Rents continue to rise to historic levels as the average asking rate increased another $0.04 per sq. ft. over last quarter to $4.96 per sq. ft. on a triple net basis.