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The square footage under construction for flex/industrial properties under 50K SF has continued to decline quarter over quarter with 186K under construction as opposed to 211K SF the previous quarter. However, in this quarter we did see the 12 month net delivery number level out to 229,704 SF from 232,277 SF. With this increase in product on the market, this can help explain why the vacancy number keeps increasing but why we also saw a negative absorption number. Demand needs to be present in order for the construction in place to make sense. With more supply than demand we can see the tenant start to move favorably in the tenant’s direction.
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