Drove up equity requirements, drove down sale capitalization rates grinding new construction to a halt

All of these factors have paused, delayed, or canceled pipeline projects across the country.  As a result:

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• Quality options for tenant spaces in the 20k-40k SF size range are in extremely low supply.  

• Small and medium size spaces cannot be cost effectively built new due to increased construction costs, land costs, and the current interest rate environment.

• As a result of the tight supply, landlords offering smaller tenant spaces can realize faster lease-ups spending half the time on market than average and command a premium price per square foot.