We think that major distribution hubs, where rents are high and availability is low, will underperform their neighbouring markets over the next few years. Tenants will increasingly look past the major hubs in favour of nearby markets with better affordability and availability. Of these markets, we think that rental growth prospects are even better in the sunbelt due to the positive economic effects of inward migration. As a result, we think that prospects for the next three years are strongest in Memphis, Atlanta, Dallas, Houston, Philadelphia and Riverside.
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