After a few quarters of tepid improvement, pent up demand for warehouse space is being unleashed. In the fi rst quarter of 2011, net demand registered at +24.7 million square feet (msf) – an absorption level that rivals some of the quarterly gains made during the last real estate boom of 2004 to 2007. Net absorption has turned positive in most of the country. Of the 67 markets tracked, 47 registered net gains in demand. Regionally, the South led the way with +13.3 msf absorbed, but all four regions of the country reported net increases for the quarter. Markets registering the strongest gains included Atlanta, Chicago, Phoenix, and Dallas – all recording over 2 msf of net demand.
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