Vacancy shrinks in industrial real estate market

October 7, 2008

A slowing of new development caused the industrial property vacancy rate to drop in the third quarter, according to Colliers Turley Martin Tucker.

The rate fell to 7.3 percent from 8.1 percent in the second quarter, the brokerage said.

Available space fell by 3 million square feet, to 25.7 million square feet.

While the brokerage said the absorption suggests the slow economy has had a minimal impact on the market, some speculative projects have been hurt by uncertain capital markets.

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