The industrial real estate market is 'very soft,' ProLogis Chief Executive K. Dane Brooksher said Thursday at a meeting with reporters in New York. But Brooksher said the third quarter was the first quarter in six that the company has seen an uptick in occupancy, a trend he hopes will continue in the fourth quarter. The increase in occupancy, however, is 'nothing significant,' he added.
The decline in the industrial real estate market is small compared with the more than 20% decline in the office real estate market, Brooksher said, noting that the industrial market has declined about 3.5% from its peak.
(source: Dow Jones)