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The price equated to $149 per square foot for the 105,183-square-foot warehouse located at 11711 W. Sample Road.

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At the start of Q3, many companies were taking a wait-and-see approach, and leasing was soft. But despite that, about 26 million square feet of space was leased in the quarter, on par with the quarterly pace of demand from 2018 and 2019.

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It is, of course, little secret that industrial rents are at a premium and tenants are jockeying for what space they can find. But new details in Prologis’ Industrial Business Indicator report show just how much of an uphill climb supply will have before it meets current and future demand.