Industrial properties include all properties designed for industrial purposes. They go from small buildings of 1 unit to big warehouses. Usually, the smaller ones (used for R&D for instance) are difficult to re-tenant as they have been built according to the needs of the first tenant. Big warehouses, in comparison are used for distribution or manufacturing, and are easier to adapt to. As for the retail and office sectors, leases are held for a long period, which can lead to potential underappreciated lease payments. The driving factors are more macroeconomic than local, such as the global trade economy (import & export), the population growth and the cost of ownership. To avoid the risk, investors tend to rent to multiple tenants instead of one.