With industrial markets seeing consistently high occupancy rates and superior lease rate growth over the past few years, sentiment for new industrial projects has been consistently positive, including in the latest survey. This is in large part due to the fact that rapid industrial development has barely kept up with absorption, leaving plenty of demand for additional supply. Consistently high occupancy rates and superior lease rate growth have kept the optimism high for all industrial markets. The current survey predicts more of the same—that significant future increases in demand will outstrip planned and projected 2025 supply. This view of an even tighter market stems in part from the fact that demand in the last few years has driven vacancy rates to their astonishingly low levels.