The US industrial and warehouse market contracted considerably during the second quarter of 2008, posting a drop in absorption and a sizable increase in vacancy, according to Boston-based Colliers International Property Consultants Inc. A combination of weak demand and rising completions pushed the second-quarter 2008 vacancy rate up 34 basis points to 8.52%. Industrial developments under construction jumped noticeably during the second quarter, registering 124.4 million square feet of space. Rents for industrial space were marginally lower during the second quarter, with a 1.3% decrease bringing the national average to $5.52 per square foot.
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