Competition for higher quality and flex industrial buildings continues to stiffen. Rents remain at record highs, with year over year rental rates increasing 20%. Market sale price per s.f. stands at a record high $189.14. Cap rates continue the YTD trend of 4.4%. In addition, this year is on par with sales volume in the past 10 years as 10.6 billion s.f. was transacted this quarter. Smaller buildings continually to trade at record premiums between $1000-$5,800 s.f. The number of tenant expansions has continued to motivate investors, as steady cash flow and tenant renewals remain driving factors.