Industrial fundamentals continued to improve in the first quarter of 2013, but at a slower rate than was exhibited in the last half of 2012. A combination of Congress’ wrangling over taxes and spending cuts and the economy’s poor showing at the end of 2012 likely dampened firms’ willingness to lease new space. Combined warehouse/distribution and flex/R&D net absorption was just 17.0 million sq. ft., the lowest total since the first quarter of 2012. This compares with the 30.3 million sq. ft.
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