Dear Members, When we sit down to write intros for yearend publications, we typically want to convince the reader that this was somehow an exceptional year. This year we do not need to try very hard. The coronavirus disrupted business in ways that no worst case scenario could estimate. The board, our councils and committees, Weston and I spent more time this year trying to find answers that would keep companies in business and people employed than any of us could have imagined in January 2020.

Nearshoring of supply chains drives demand by tenants and causes a steady drop in vacancy rate. Developers responded to this situation with increased construction activity mostly tailored to the client signed before construction begins. Speculative construction does not reach a sufficient level to satisfy prime markets. The industrial market as a whole is influenced by lack of employees, shortage of various commodities like AdBlue or building materials, rising prices, and more. All these factors foretell bad times for companies without sufficient capital. Automation and other strategies to secure labor productivity will play a central role in the future.