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According to a new report by CBRE, the U.S. industrial & logistics market hit new highs for leasing activity in 2021, recording more than 1 billion sq. ft. of transactions.

That 1 billion sq. ft. is the largest annual gross amount recorded since CBRE started tracking the figures in 1989. Last year’s surging activity drove vacancy down to 3.2%, the lowest on record. With space incredibly tight, asking rental rates shot to $9.10, up 11% year-over-year and a new high.

“We anticipated that last year would set a record, but this level of activity is extraordinary,” said John Morris, executive managing director and Industrial & Logistics Leader for CBRE. “As retailers require more safety stock and e-commerce continues to expand, more space is needed. All signs point to the same demand continuing in 2022.”