New construction continues in the industrial real estate sector, with 1.3 million SF completed in the first quarter of 2007.  This helped push both vacancy and availability rates towards more sustainable levels than that experienced in recent quarters, and allowed an eighth consecutive quarter of positive net absorption at 917,000 SF.  Demand for industrial land remains strong, which allowed average rental rates to rise to $8.96 psf in the quarter.  Rising lease rates support further new development in this area as they offset the higher costs faced by developers, including higher land costs.  Prices rose to an average of $640,000 and $300,000 per acre for serviced and limited service land respectively, and are expected to continue to rise with the continued interest in developing new projects.  As such, 1.7 million SF of new industrial projects are expected to be completed this year.