In the post-pandemic years of 2021 through 2023, commercial real estate (with the exception of the office sector) enjoyed an almost uniformly strong environment characterized by rising occupancy and strong rent growth. According to a December 2023 report by CommercialEdge, in-place rents for industrial real estate rose 7.4% year-over-year, while the national vacancy rate of 4.6% remained unchanged from November. That is the highest level of rent growth and lowest vacancy rate of any major sector of commercial real estate!