The Globe and Mail reports in its Tuesday, Sept. 20, edition that Colliers International associate director Susan Thompson says industrial building construction has seen unprecedented cost inflation since the start of the pandemic. The Globe's special columnist Wallace Immen writes that Ms. Thompson says: "As interest rates rise, there's the potential for an inflection point that could see developers hit pause. A lot of developers are carefully thinking through the facts before they go into the ground because they want to make sure they can cover their costs." A pause, however, may not happen soon. Ms. Thompson adds, "The industrial market is still just blisteringly hot." So far, the low vacancy rates in Vancouver, Toronto, Montreal and Calgary have meant developers can cover the excess costs by just raising rents and still have buyers. In addition, every project is unique, Ms. Thompson points out. "When did they buy the land; what price did they pay for it? Have they ordered materials that are still on a cargo ship somewhere and do they have labour already lined up?" Importantly, as interest rates rise: "Do they have a lot of cash on hand? If they don't need to borrow, that changes the equation."