1、25Q1 Current Qtr24Q1 Previous Qtr24Q1 Previous YearVacancy Rate7.1%6.9%6.1%Net Absorption(SF)34,972,51253,399,24831,148,682YTD Net Absorption(SF)34,972,512168,953,74331,148,682New Supply(SF)64,773,45481,807,524123,578,459YTD New Supply(SF)64,773,454412,796,239123,578,459Under Construction(SF)278,621

2、,492297,330,845398,808,547Overall Asking Lease Rate(PSF Net)$11.05$10.95$10.690204060801001201401601802000%1%2%3%4%5%6%7%8%9%10%202020212022202320242025Millions of SFU.S.Industrial Absorption,Supply&VacancyNet Absorption(SF)Construction Completions(SF)Vacancy Rate(%)ForecastYOYFORECASTYOYYOYFORECAST

3、YOYFORECASTFORECASTIndustrialU.S.National25Q1010020030040050060070080020182019202020212022202320242025Millions of SFU.S.Industrial Construction PipelineTotal Under Construction(SF)Quarterly Construction Starts(SF)ForecastU.S.Industrial Construction PipelineSale-leaseback 1,246,586 SFMarysville,MI De

4、troitNew lease 1,118,480 SFFrederickson,WA Seattle-Puget SoundNew lease1,018,178 SFPerris,CA Inland EmpireBuild-to-suit 1,566,929 SFPhoenix,AZ PhoenixBuild-to-suit 1,500,000 SFSparks,NV Reno-SparksNew lease 1,251,160 SFFort Worth,TX Dallas-Fort WorthIndustrial vacancy to peak in 2025 as equilibrium

5、returnsNew supply has outpaced demand during the past 11 quarters,pushing the average U.S.industrial rate up 351 basis points during that time,to 7.1%the highest level since 2015.However,vacancy increased by just 14 basis points in the first quarter,the smallest quarterly increase since the fourth q

6、uarter of 2022.Across all U.S.regions,vacancy rates are rising more gradually,because construction completions are falling below pre-pandemic levels,narrowing the gap between supply and demand.Stabilization is expected by the end of 2025,with vacancy expected to peak due to a significantly reduced c