On a scale of 10, respondents rated all four regions between 6.9 to 7.8. The South and West are seen as being somewhat stronger than the Midwest and East.

Respondents expect cap rates to remain stable in the next 12 months. Overall, 33 percent of respondents expect no change while 37 percent they will fall and 30 percent expect a rise. But very few respondents expect cap rates to move by ore than 50 basis points in either direction.

Respondents largely expect occupancy rates to increase in the next 12 months. Overall, 61 percent an increase while only 23 percent expect occupancy rates to fall. Another 17 percent see no change. Most see occupancy rates rising by between 10 and 50 basis points.

Respondents feel comfortable with the level of development in the sector. Overall, 88 percent said there is the right amount or too little. Only 7 percent think there is too much development occurring in their region.

Respondents see room for additional absorption in their markets. 

Nearly two-thirds of respondents (64 percent) say they have seen old industrial inventory converted to other uses in their region. Of those, respondents, 53 percent say it's leading to lower inventory in their market, 33 percent say its balanced by new construction and 14 percent think new construction is outpacing the loss of older inventory.

The overwhelming majority of respondents think rents will increase in the next 12 months in their region. On average, respondents expect rental rates to grow 3.3 percent.

Nearly two-thirds of respondents say that capital is more widely available in the industrial sector than it was 12 months ago.

About three-fourths of respondents say they estimate we are still in the recovery / expansion phase of the industrial real estate cycle. 

Respondents expect interest rates to rise in the next 12 months. But most think rates will move by 50 basis points or less.