Average industrial space availability in the U.S. declined 10 basis points in 2017's third quarter to 7.7%, down from 7.8% in the second quarter and 7.9% in the year-ago period, according to CBRE Group Inc.
The decrease was attributed to strong demand, outpacing new supply increase of warehouse and distribution space.
CBRE noted that the decline was the sector's 28th of the past 29 quarters, with the only increase occurring in the first quarter of 2017.
The third-quarter net absorption for industrial space was 61 million square feet, slightly below the two-year average, while construction completions nearly reached 51 million square feet during the quarter, reflecting a slight increase from the two-year average.
CBRE said of the U.S. markets it tracks, 33 logged declines in their industrial availability rates, 24 registered increases and eight were unchanged.