Industrial boasts another healthy quarter with increasing rents and significant new supply. In the wake of speculative new development, net absorption is negative but expected to correct by mid-2019 after new spaces are occupied. The North/Northeast submarket’s high negative net absorption is due to several large move-outs of companies in the solar industry, which has been plagued by ups and downs related to changes in trade policy and increasingly competitive global business environment. The increase in rental rates from Q1 2018 is an impressive 9.6%, having reached $0.66/month NNN. Vacancy remains down year over year but up 40 basis points from last quarter.