An increase in industrial building activity and demand for leases has helped to brighten the outlook for commercial real estate, according to the Federal Reserve Board's latest Beige Book.

A number of Fed districts reported that vacancy rates continued to fall, rents rose, and the outlook for commercial real estate was generally positive.

Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, Va., San Francisco and St. Louis make up the Fed's 12 districts.

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