Outsized demand growth compared to supply deliveries continued to push overall vacancy down throughout the metro area while rents for new leases continued to rise.

E-commerce, retailers and third-party logistics companies drove leasing activity during the first quarter. E-commerce, specifically, is expected to drive demand growth in the coming quarters as more Americans rely on online delivery service in the face of stay-at-home orders from many state governments.

Capital investment volumes remained elevated compared to the 10-year average. New product coming to market, largely pre-leased, assures future supply for investment demand.