...Fitch's outlook for U.S. industrial REITs for 2015 is positive, driven by favorable property fundamentals and improving liquidity. Industrial REIT credit performance is closely tied to economic indicators, as noted in Fitch's "Global Economic Outlook," dated September 2014. Fitch forecasts robust GDP growth in the U.S. of 3.1% in 2015 and 3.0% in 2016, up from 2.2% in 2014. Major variables affecting GDP growth are private consumption and export growth of 2.8% and 4.0%, respectively. In addition, the World Trade Organization projects that global trade will grow by 4% in 2015. Demand for space continues to be skewed toward larger facilities, driving leasing in so- called super-regional distribution markets such as Inland Empire, Chicago, Houston and Los Angeles. Indianapolis, San Antonio and Philadelphia are the only major markets with significant contractions in demand, according to CoStar. Multiple industries continue to drive demand for space, including logistics companies, manufacturers...
