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      "kind": "list",
      "text": "Monitoring development pipeline pre-leased % as signals whether tenants can find space. As of March 2020, the % remained elevated at 42% versus the historic 25-30%.",
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      "text": "Fundamentals suggest guidance upside to initial 2020 outlooks barring virus drag. 2019 sector average same store NOI was +90 bps higher than initial guidance, development starts increased by 59% and FFO increased by 3%.",
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      "text": "Vacancy near historic lows at 5.1%. U.S. vacancy increased +20 bps Q/Q in 4Q19 to 5.1% but U.S. rent growth accelerated to 6.3% in 2019 from 4.7% in 2018.",
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      "text": "Real estate is a key component of tenant logistics strategies but comprises only 5% of total logistics costs (45% transportation, 32% labor, 18% inventory). Tenants are more sensitive to location than rent.",
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      "text": "BaML estimated in March 2020 that U.S. supply is likely to outpace absorption by 20-30M SF in 2020, as it did in 2019, but with vacancy is so low that rents should still rise.",
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      "text": "Source: BaML 2020 Industrial Real Estate Outlook.",
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      "text": "INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS",
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