Commercial real estate has been in a Goldilocks-like recovery, marked by demand growth that is robust enough to heal fundamentals but not strong enough to bring developers back into the game. In the office and retail sectors, vacancies have fallen to within 100 basis points of pre-recession levels. In the industrial sector, vacancies now sit below pre-recession levels.
In fact, the industrial market put up the best first quarter absorption statistics since the recovery began,
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