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Industrial completions set to fall back from 2024

We expect industrial completions to exceed 3.5% of inventory this year, despite the first quarterly drop in space under construction in Q4 for over two years. But new starts are already slowing and with higher interest rates, elevated construction costs and slowing demand set to weigh on new development, we expect inventory growth to drop below 3% in 2024 and average around 2% p.a. in 2025-27.

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