Vacancies continue to fall. Absorption cooled in the second quarter, maintaining the trend of the past few years of a slower Q2. Vacancies ended the first half of the year at 10.7%, marking a new low point for this economic expansion. Rent growth continues to accelerate, to 9.2% in the past 12 months. Improved fundamentals and scarcity of quality product are even fueling growth in second-tier assets. Development continues to percolate. Conditions should remain favorable for landlords for the near future. Construction will not derail the fundamentals picture, while overall economic growth, though lackluster, looks positive. Tenants need product, and landlords able to meet that need, be it for flex, manufacturing, distribution, or general warehousing, are set to benefit.