Reporting from NAIOP shows that, like many sectors in commercial real estate and housing, growth is slowing in industrial compared to the soaring performance in 2021, and yet is still making impressive marks. 

Analysts Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary write for NAIOP that the usual cast of factors has caused net absorption in the first half of the year, as well, to be "down sharply from 2021's record pace but still notably higher than in prior years."

In both metrics, the authors expect the still-hot industrial market to cool, and they forecast that the net absorption rate will continue to decline until it returns to the pre-pandemic trend.