The pain for warehouse users continued in the fourth quarter with region-wide vacancy falling to a distressing 0.7%, down from 1.0% in the third quarter, and 2.2% a year ago. Warehouse rents jumped by over $0.58 per square foot (psf) during the quarter to register $15.83 psf, and up $1.65 psf from year-ago levels. For industrial tenants coming to the end of a 5-year lease, renewal rates will on average be up $6.02 psf. Rapidly rising rents continue to push warehouse users into the strata market, which continues to go from strength to strength. Average strata prices in many submarkets are now well above $400 psf, with more urban locations now above $600 psf. New supply registered a very low 513,000 square feet during the quarter, less than half year-ago levels, however, deliveries are expected to surge in the first quarter of 2022 with 3.4 million square feet anticipated to be completed.