高力国际：2023年第一季度美国工业地产市场报告（英文版）（14页）.pdf

1、Industrial23Q1U.S.NationalHeadlineMarket Indicators Market Graph Q1 2023 OccupanciesHistoric ComparisonVacancy Rate 4.0%UnderConstruction621.8MSFOverall AskingLease Rates(NET)$9.58/SFKey TakeawaysIndustrial demand growth cooled during the first quarter from the robust pace set in the last two years

2、amid slower economic growth.Construction activity remained elevated,with 621.8 million square feet underway,equating to 3.6%of total inventory.The vacancy rate ticked up 30 basis points in the quarter to 4.0%,although it remains well below its historical average.YOYFORECASTYOYFORECASTYOYFORECASTYOYF

3、ORECAST3.5%Unemployment Rate 1.1%GDP-Quarterly%change yr/yr 3.48%U.S.10 Year Treasury Note 23Q122Q422Q1Total Inventory(MSF)17,346.117,231.216,916.0New Supply(MSF)131.1141.297.2Net Absorption(MSF)73.8123.5118.2Overall Vacancy 4.0%3.7%3.8%Under Construction(MSF)621.8657.2576.5Overall Asking Lease Rate

4、s(NET)$9.58$9.07$7.96Following nine straight quarters in which net absorption exceeded 100 million square feet,demand for industrial space moderated in the first quarter of 2023 to 73.8 million square feet.While completions rose 34.9%year-over-year to 131.1 million square feet,deliveries declined mo

5、destly from peak levels reached in the prior two quarters.The vacancy rate increased 30 basis points from the end of 2022 to 4.0%but remained well below its historical average level of 6.2%since 2010.U.S.industrial market fundamentals softened in the first quarter of 2023.Higher interest rates and u

6、ncertainty about the economy led to more modest levels of net absorption,and steady completions outpaced demand.While the vacancy rate ticked up from a cyclical low in 2022,it remains well below historical average levels.Asking rents also continued to expand,given still-tight market conditions.Howev

7、er,after two years of exceptional growth driven by pent-up demand following the pandemic,industrial performance will moderate in 2023 as economic growth diminishes.YTD Net Absorption73.8M SFRichmond,VA1.1M SF Indianapolis,IN2.2M SF Inland Empire,CA1.8M SF Atlanta,GA1.5M SF Cincinnati,OH1.2M SF Colum

8、bus,OH1.0M SF Colliers|U.S.National|23Q1|Industrial Report1Source:Colliers Research0%2%4%6%-50 100 150 200Q32021Q42021Q12022Q22022Q32022Q42022Q12023MillionsU.S.Industrial MarketQ3 2021-Q1 2023New SupplyAbsorptionVacancy RateIndustrial23Q1U.S.NationalColliers|U.S.National|23Q1|Industrial Report2Econo

9、mic SummaryU.S.Industrial OverviewU.S.GDP growth slowed to an annual rate of 1.1%in the first quarter,down from 2.6%in the fourth quarter of 2022.While inflation has come down from peak levels,it is still above the Feds target of 2%,suggesting interest rates will remain elevated in coming quarters.T

10、ighter lending standards stemming from the recent weakness in the banking sector will also weigh on growth in 2023.While the probability of entering a recession later this year has grown,the relative strength of the consumer and the labor market may point toward a shorter,shallower downturn compared

11、 to previous cycles.Consumer spending,which accounts for over two-thirds of GDP,increased 3.7%in the first quarter,and while labor constraints are easing,unemployment remains below average.The markets experiencing the strongest demand relative to their size(absorption as a percent of inventory)in th

12、e first quarter included the emerging metros of Charleston,Greenville/Spartanburg,Richmond,Las Vegas,and Salt Lake City,along with a handful of more established markets including Phoenix,Indianapolis,and Dallas.A heavy development pipeline is also pushing vacancies in some of these markets above the

13、 national average,notably in the major metros of Dallas and Indianapolis,where 6.2%and 5.6%of inventory is underway,respectively.Top MarketsU.S.Economic IndicatorsGDPUnemployment%Q1 20231.1%3.5%Q4 20222.6%3.6%ISMMarch 2023 PMI 46.3,down 2.2 percentage points from December 2022March 2023 Rail Time In

14、dicators:AAR.orgTotal Railcar TrafficDown 1.2%YOYIntermodal TrafficDown 13.3%YOYWestMidwestSouthNortheastInventory4,685,462,7224,825,559,5045,422,318,8692,412,759,171%of U.S.Inventory27.0%27.8%31.3%13.9%2023 YTD New Supply28,176,10829,623,69763,052,01010,272,502%of 2023 YTD New Supply21.5%22.6%48.1%

15、7.8%YTD 2023 Net Absorption17,456,65823,228,64929,572,2033,512,053%of YTD 2023 Net Absorption23.7%31.5%40.1%4.8%2023 Q1 Vacancy Rate2.9%4.3%4.9%4.0%Industrial23Q1U.S.NationalConstructionAbsorptionVacancy/Rental RatesSupply levels remain elevated,although ground-breakings have decelerated modestly am

16、id higher interest rates.Just over 131 million square feet were delivered in the first quarter,down 7.2%from the record supply delivered in Q4 2022,but still well above the more typical pace of deliveries over the last five years.The development pipeline remains full,with a total of 621.8 million sq

17、uare feet under construction in the first quarter,equating to 3.6%of the markets inventory.The automotive industry is driving many of the largest projects underway with the development of new semiconductor,EV battery,and microchip facilities across the U.S.Construction levels remain highest in the h

18、igh-growth South and West regions,where 5%and 3.8%of the inventory was underway,respectively,in the first quarter.After two years of record net absorption that totaled more than 100 million square feet per quarter,industrial demand decelerated to 73.8 million square feet in the first quarter of 2023

19、.That reading was 37.6%lower than the first quarter of 2022 but still well above first-quarter totals in the years prior to the pandemic.Demand across most markets remained in expansion mode,although 28%of metros tracked by Colliers logged negative net absorption in the first quarter.Los Angeles exp

20、erienced the largest decline in demand of 1.7 million square feet in the first quarter,although with little underway in the market,vacancy remained below 2%.The overall vacancy rate increased 30 basis points quarter-over-quarter to 4.0%,although it remained well below its historical average rate of

21、6.2%since 2010.Major markets with the lowest vacancies include Savannah(1.0%),Greater Los Angeles(1.2%),Miami(1.8%),Inland Empire(1.9%),and Reno/Sparks(2.3%),while some of the highest vacancies are in Boston(7.2%),Denver(7.0%),Indianapolis(6.5%),Stockton(6.3%),and Memphis(6.3%).Average asking rents

22、for warehouse/distribution space remainedresilient,climbing to$8.76 per square foot per year in the first quarter,8.2%higher than the prior peakreached at the end of 2022.Rent growth is expectedto moderate over the coming quarters as supply begins to overtake demand in some markets.Colliers|U.S.Nati

23、onal|23Q1|Industrial Report33.0%3.5%4.0%4.5%5.0%5.5%6.0%$4.00$5.00$6.00$7.00$8.00$9.00Vacancy/Rental Rates W/D RentsVacancy57.729.966.4109.1118.273.880.363.943.7136.0127.181.859.068.3182.2120.864.766.9103.3171.3123.5201820192020202120222023Millions Of SFQuarterly Net Absorption1st Quarter2nd Quarter

24、3rd Quarter4th Quarter020406080100120140160Millions Of SFQuarterly New SupplyIndustrial23Q1U.S.NationalColliers|U.S.National|23Q1|Industrial Report4OutlookDespite a softening in market fundamentals in the first quarter,the U.S.industrial sector remained one of the top-performing commercial real esta

25、te property types,with the vacancy rate holding well below its long-term average.Challenges for the market lie ahead,however,as robust levels of new construction are likely to exceed demand in some markets as economic growth decelerates.After two years of record net absorption stemming from pent-up

26、demand following the outbreak of the global pandemic,industrial space absorption is expected to ease,while speculative construction levels have risen rapidly in some markets,raising the risk of overbuilding in these locations as demand moderates.Industrial vacancy is expected to rise as the economy

27、slows in 2023.As demand wanes and new development delivers,the overall rate could increase by over 100 basis points.While absorption may lag the historically high levels reached in 2021 and 2022,large occupiers,including 3PL companies,national retailers,and food and beverage companies,will continue

28、to take down space in 2023.Core markets and those proximate to cargo ports that are critical components of supply chain logistics will continue to benefit from robust demand and lower vacancy.The development pipeline,while robust,should continue to moderate in 2023.The 621.8 million square feet unde

29、rway as of the first quarter is down 5.3%from the end of 2022.Still,with construction as a share of inventory near a cyclical high level of 3.6%,new supply is expected to overtake demand in the near term in some markets.Rental rates are projected to continue to increase,although at a more tempered p

30、ace than in the last couple of years.Developers that are breaking ground have been incorporating new design standards.Many occupiers are looking for 45-foot clear facilities with heavy power,lots of parking,and more building and park amenities,with a greater focus on ESG.The reshoring of manufacturi

31、ng to the U.S.remains a tailwind for industrial demand.More manufacturing facilities are breaking ground in the U.S.after global events revealed more risks in the supply chain.Reshoring is generally costly;however,it may be the best cost option for some to ensure supply chain resiliency.Bloomberg re

32、ported that the construction of new U.S.manufacturing facilities in 2022 increased 116%over that in 2021.Industrial23Q1U.S.NationalMarketInventoryQ1 2023(SF)Total New Supply Q1 2023(SF)Total New Supply YTD(SF)Total Under Construction(SF)MidwestChicago1,500,844,5638,517,0198,517,01932,973,924Cincinna

33、ti106,808,408859,021859,021580,866Cleveland364,815,962003,184,000Columbus325,263,8945,051,0675,051,06714,725,285Dayton101,975,9912,401,7082,401,7081,122,955Detroit658,199,4421,169,6301,169,6308,460,190Grand Rapids130,773,159229,498229,498350,188Indianapolis326,407,3767,486,5547,486,55418,187,231Kans

34、as City287,572,599574,732574,73212,947,573Milwaukee286,593,692885,629885,6291,555,759Minneapolis-St.Paul387,383,9151,157,4051,157,4057,022,305Omaha87,226,8891,291,4341,291,434896,601St.Louis261,693,614002,265,356Midwest Total4,825,559,50429,623,69729,623,697104,272,233NortheastBaltimore226,017,37028

35、7,975287,9755,160,411Boston188,108,305532,000532,00014,007,190Hartford113,917,023000New Hampshire Markets72,211,66737,12637,1261,086,033New York City Metro873,349,2752,459,5542,459,55418,024,975Central New Jersey346,873,690905,713905,71310,748,965Long Island161,405,676428,667428,6672,561,682Northern

36、 New Jersey365,069,9091,125,1741,125,1744,714,328Philadelphia Metro Area521,463,8716,713,6436,713,64323,308,456Lehigh Valley113,099,2311,136,9871,136,9873,762,911Philadelphia408,364,6405,576,6565,576,65619,545,545Pittsburgh179,793,26269,00269,0021,092,231Washington,DC237,898,398173,202173,2027,785,6

37、84Northeast Total2,412,759,17110,272,50210,272,50270,464,980U.S.Industrial Survey|Inventory,New Supply,Under ConstructionColliers|U.S.National|23Q1|Industrial Report5Industrial23Q1U.S.NationalMarketInventoryQ1 2023(SF)Total New Supply Q1 2023(SF)Total New Supply YTD(SF)Total Under Construction(SF)So

38、uthAtlanta838,193,8064,970,6314,970,63139,919,351Augusta Aiken13,318,446000Austin71,393,3301,076,9261,076,9264,645,411Birmingham143,463,084000Charleston66,256,0393,736,5783,736,57811,106,196Charlotte154,265,633135,360135,3605,014,345Columbia72,894,615688,300688,3002,239,634Dallas-Fort Worth1,008,482

39、,12319,453,48119,453,48162,116,160Florence Myrtle Beach40,251,08142,71842,718100,000Greenville Spartanburg225,835,5698,539,6518,539,65115,258,257Houston715,568,6426,835,8946,835,89436,233,893Huntsville42,990,14233,60033,6000Jacksonville131,701,2921,582,3391,582,3392,700,605Memphis292,352,3553,298,08

40、73,298,0876,287,508Nashville216,914,4432,720,6622,720,6627,195,952Norfolk84,697,956334,800334,8005,234,077Orlando179,655,2652,179,4292,179,4297,359,023Raleigh/Durham68,484,5571,778,4231,778,4238,036,711Richmond114,936,042703,734703,7347,455,094Savannah111,428,945521,067521,06723,529,401Shenandoah Va

41、lley/I-81 Corridor134,274,167696,031696,0314,157,720North Shenandoah Valley61,226,344696,031696,0313,807,720South Shenandoah Valley73,047,82300350,000South Florida405,372,8031,666,9431,666,94313,322,350Fort Lauderdale119,636,847001,018,976Miami231,244,9921,343,9991,343,9999,882,068Palm Beach54,490,9

42、64322,944322,9442,421,306Tampa Bay289,588,5342,057,3562,057,3566,949,971South Total5,422,318,86963,052,01063,052,010268,861,659U.S.Industrial Survey|Inventory,New Supply,Under ConstructionColliers|U.S.National|23Q1|Industrial Report6Industrial23Q1U.S.NationalMarketInventory Q1 2023(SF)Total New Supp

43、ly Q1 2023(SF)Total New Supply YTD(SF)Total Under Construction(SF)WestBakersfield44,192,170292,422292,4220Boise45,814,0311,068,5511,068,5515,371,943Central Idaho14,120,219000Denver277,335,8981,731,0021,731,00210,241,841Eastern Idaho10,357,09600602,800Fresno54,551,510000Greater Los Angeles1,702,141,5

44、1810,503,00310,503,00346,981,326Inland Empire609,602,5738,979,7568,979,75637,085,661Los Angeles855,825,7521,115,8341,115,8347,876,140Orange County236,713,193407,413407,4132,019,525Honolulu41,523,0360095,881Las Vegas156,000,7091,969,2521,969,2526,638,612Phoenix378,893,9054,655,7184,655,71846,804,021P

45、ortland264,965,9844,005,4184,005,4183,735,774Reno/Sparks113,863,297717,580717,5807,073,451Sacramento175,567,226002,598,437Salt Lake City192,272,973699,436699,4369,334,362Salt Lake County146,802,143005,154,322Utah County45,470,830699,436699,4364,180,040San Diego201,023,258247,610247,6105,970,130San F

46、rancisco Bay Area551,247,35958,53058,53015,235,142East Bay187,685,09258,53058,5302,529,220Fairfield,CA56,266,697003,669,753San Francisco Peninsula60,089,792006,693,269Silicon Valley247,205,778002,342,900Seattle/Puget Sound330,035,587452,227452,22711,243,527Stockton131,556,9461,775,3591,775,3596,229,

47、588West Total4,685,462,72228,176,10828,176,108178,156,835U.S.Total17,346,100,266131,124,317131,124,317621,755,707U.S.Industrial Survey|Inventory,New Supply,Under ConstructionColliers|U.S.National|23Q1|Industrial Report7Industrial23Q1U.S.NationalMarketAbsorptionQ1 2023(SF)YTDAbsorption(SF)Vacancy Rat

48、ePrevious QuarterVacancy Rate Q1 2023MidwestChicago7,418,0247,418,0244.5%4.5%Cincinnati1,712,0821,712,0822.3%2.8%Cleveland1,146,7761,146,7764.1%3.9%Columbus1,646,8751,646,8752.3%4.8%Dayton1,383,4631,383,4633.4%4.3%Detroit861,344861,3443.9%4.0%Grand Rapids462,927462,9273.1%2.0%Indianapolis4,745,7704,

49、745,7705.8%6.5%Kansas City1,256,9451,256,9453.2%3.2%Milwaukee779,148779,1486.8%6.7%Minneapolis-St.Paul2,031,8402,031,8403.2%2.9%Omaha697,765697,7652.0%2.7%St.Louis-914,310-914,3103.8%4.3%Midwest Total23,228,64923,228,6494.1%4.3%NortheastBaltimore-668,971-668,9715.8%6.2%Boston-427,706-427,7066.7%7.2%

50、Hartford-445,783-445,7833.9%4.3%New Hampshire Markets-144,366-144,3662.8%3.3%New York City Metro1,893,9221,893,9222.8%2.6%Central New Jersey1,750,2061,750,2063.0%2.5%Long Island-510,335-510,3353.3%3.6%Northern New Jersey654,051654,0512.4%2.2%Philadelphia2,759,1762,759,1763.0%3.7%Lehigh Valley302,534

51、302,5342.3%3.1%Philadelphia2,456,6422,456,6423.2%3.9%Pittsburgh556,078556,0784.5%5.1%Washington,DC-10,297-10,2974.3%4.3%Northeast Total3,512,0533,512,0533.8%4.0%U.S.Industrial Survey|Absorption,VacancyColliers|U.S.National|23Q1|Industrial Report8Industrial23Q1U.S.NationalMarketAbsorptionQ1 2023(SF)Y

52、TDAbsorption(SF)Vacancy RatePrevious QuarterVacancy Rate Q1 2023SouthAtlanta1,770,8101,770,8104.2%4.6%Augusta Aiken-237,059-237,0596.8%8.6%Austin47,50847,5085.6%6.9%Birmingham-524,684-524,6842.5%4.4%Charleston2,222,4232,222,4231.5%3.7%Charlotte-332,719-332,7195.0%5.5%Columbia892,089892,0893.6%3.2%Da

53、llas-Fort Worth8,567,3958,567,3955.3%6.3%Florence Myrtle Beach-484,662-484,6625.2%6.5%Greenville Spartanburg4,800,6614,800,6613.5%5.0%Houston4,320,2084,320,2085.5%5.7%Huntsville-108,671-108,6719.4%9.2%Jacksonville-645,526-645,5262.2%4.3%Memphis2,079,5372,079,5376.2%6.3%Nashville867,088867,0881.8%3.0

54、%Norfolk351,083351,0830.9%0.8%Orlando-649,009-649,0093.1%4.0%Raleigh/Durham664,534664,5343.6%5.0%Richmond1,536,3301,536,3303.1%2.2%Savannah610,545610,5451.1%1.0%Shenandoah Valley/I-81 Corridor547,366547,3665.1%4.7%North Shenandoah Valley768,324768,3246.2%6.0%South Shenandoah Valley-220,958-220,9583.

55、1%3.6%South Florida1,248,0811,248,0812.7%2.7%Fort Lauderdale88,34488,3444.0%3.9%Miami1,086,0551,086,0551.9%1.8%Palm Beach73,68273,6823.2%3.6%Tampa Bay2,028,8752,028,8754.9%5.0%South Total29,572,20329,572,2034.3%4.9%U.S.Industrial Survey|Absorption,VacancyColliers|U.S.National|23Q1|Industrial Report9

56、Industrial23Q1U.S.NationalMarketAbsorptionQ1 2023(SF)YTDAbsorption(SF)Vacancy RatePrevious QuarterVacancy Rate Q1 2023WestBakersfield215,744215,7442.6%2.1%Boise598,139598,1392.5%4.1%Central Idaho4,9504,9501.1%1.3%Denver628,702628,7026.5%7.0%Eastern Idaho346,728346,7286.7%1.2%Fresno190,588190,5882.8%

57、2.4%Greater Los Angeles405,622405,6220.9%1.5%Inland Empire2,406,9982,406,9980.9%1.9%Los Angeles-1,732,152-1,732,1520.9%1.2%Orange County-269,224-269,2240.9%1.2%Honolulu8558550.8%0.8%Las Vegas2,018,1232,018,1231.6%1.5%Phoenix5,664,1855,664,1853.3%3.4%Portland4,791,5574,791,5573.4%3.6%Reno/Sparks262,7

58、52262,7521.5%2.3%Sacramento256,114256,1144.3%4.0%Salt Lake City1,453,5091,453,5093.1%3.2%Salt Lake County1,132,8291,132,8293.4%3.1%Utah County320,680320,6801.9%3.2%San Diego-751,606-751,6062.8%3.3%San Francisco Bay Area440,852440,8523.3%3.1%East Bay678,357678,3573.1%2.8%Fairfield,CA-389,094-389,0940

59、.9%1.6%San Francisco Peninsula103,422103,4223.0%2.6%Silicon Valley48,16748,1674.0%3.8%Seattle/Puget Sound-366,024-366,0243.4%3.7%Stockton1,295,8681,295,8686.0%6.3%West Total17,456,65817,456,6582.6%2.9%U.S.Total73,769,56373,769,5633.7%4.0%U.S.Industrial Survey|Absorption,VacancyColliers|U.S.National|

60、23Q1|Industrial Report10Industrial23Q1U.S.NationalMarketManufacturing Space(USD/SF/YR)Flex/Service Space(USD/SF/YR)Warehouse/Distribution Space(USD/SF/YR)MidwestChicago$6.42Cincinnati$5.36$8.24$6.00Cleveland$3.20$8.15$4.57Columbus$7.22$9.28$5.70Dayton$3.70$5.77$5.28Detroit$12.43$6.44Grand Rapids$6.3

61、1$9.08$4.79Indianapolis$6.91$9.03$5.60Kansas City$4.46$9.60$5.06Milwaukee$5.77$7.27$5.76Minneapolis-St.Paul$7.12$9.04$7.33Omaha$8.25$8.86$7.00St.Louis$6.63$8.51$5.61Midwest Total$5.46$9.47$6.08NortheastBaltimore$7.98$12.42$10.64Boston$11.88$18.40$13.54Hartford$6.01$7.70$6.31New Hampshire Markets$8.6

62、8$12.28$11.85New York City Metro$13.05$16.38$15.87Central New Jersey$13.56$14.05$14.42Long Island$15.53$19.79$15.66Northern New Jersey$11.83$16.28$17.78Philadelphia$9.44$13.59$10.51Lehigh Valley$9.25$12.59$10.71Philadelphia$9.44$13.76$10.46Pittsburgh$6.30$9.46$7.87Washington,DC$13.26$16.76$12.44Nort

63、heast Total$9.52$15.24$12.11U.S.Industrial Survey|Direct NNN RentsColliers|U.S.National|23Q1|Industrial Report11Industrial23Q1U.S.NationalMarketManufacturing Space(USD/SF/YR)Flex/Service Space(USD/SF/YR)Warehouse/Distribution Space(USD/SF/YR)SouthAtlanta$7.29$14.09$7.41Augusta Aiken$2.74$3.06Austin$

64、17.28$13.18Birmingham$5.92$8.44$5.62Charleston$10.34$12.50$7.20Charlotte$4.31$11.53$5.79Columbia$3.95$11.57$4.73Dallas-Fort Worth$7.67$12.80$8.18Florence Myrtle Beach$3.50$5.72Greenville Spartanburg$4.92$8.90$5.15Houston$8.04$10.35$8.49Huntsville$7.00$9.21$6.91Jacksonville$11.76$11.90$6.89Memphis$6.

65、74$4.33Nashville$9.96$15.52$8.90Norfolk$9.80$7.90Orlando$13.65$8.05Raleigh/Durham$20.14$14.27Richmond$7.13$9.58$7.22Savannah$15.00$6.38Shenandoah Valley/I-81 Corridor$5.07$10.13$5.94North Shenandoah Valley$5.11$7.96$6.34South Shenandoah Valley$5.00$13.50$4.49South Florida$12.50$18.15$14.96Fort Laude

66、rdale$13.61$15.73$15.08Miami$9.72$21.13$15.28Palm Beach$13.34$18.68$13.98Tampa Bay$11.81$8.37South Total$6.78$12.96$7.83U.S.Industrial Survey|Direct NNN RentsColliers|U.S.National|23Q1|Industrial Report12Industrial23Q1U.S.NationalMarketManufacturing Space(USD/SF/YR)Flex/Service Space(USD/SF/YR)Wareh

67、ouse/Distribution Space(USD/SF/YR)WestBakersfield$9.97$9.79Boise$10.12Central Idaho$9.27Denver$16.03$8.38Eastern Idaho$6.40Fresno$11.40$7.71Greater Los Angeles$20.72Inland Empire$19.51Los Angeles$22.23Orange County$20.13Honolulu$17.34Las Vegas$14.65$16.09$15.59Phoenix$13.54$14.38$11.65Portland$9.94$

68、14.00$9.53Reno/Sparks$14.68$11.34Sacramento$10.72$11.86$9.18Salt Lake City$9.54Salt Lake County$9.21Utah County$10.84San Diego$17.73$36.09$16.81San Francisco Bay Area$17.39$37.91$14.65East Bay$15.40$35.88$12.51Fairfield,CA$11.96$10.50$9.84San Francisco Peninsula$35.64$76.04$28.13Silicon Valley$18.23

69、$33.68$13.93Seattle/Puget Sound$12.47$22.99$13.33Stockton$5.79$9.36$9.01West Total$14.65$27.40$13.18U.S.Total$8.26$16.33$8.76U.S.Industrial Survey|Direct NNN RentsColliers|U.S.National|23Q1|Industrial Report13Steig SeawardSenior Director,National Research303.888.3177 Stephanie RodriguezNational Dire

70、ctor,Industrial SMarket Contacts:About ColliersColliers is a leading diversified professional services and investment management company.With operations in 66 countries,our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients.For more

71、than 28 years,our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20%for shareholders.With annual revenues of$4.5 billion and$98 billion of assets under management,Colliers maximizes the potential of property and real assets to accelerate the success of our clients,our investors and our people.Learn more at ,Twitter Colliers or LinkedIn.$4.5BAnnualrevenue2Bsquare feet under management18,000+professionals andstaff501officesin66 countries on6 continentsUnited States:156Canada:45Latin America:30Asia Pacific:41EMEA:112