Anyone see any Leases executed over the asking rate or in a bidding war?
Before I start, let me explain that the context is for an as-is second generation industrial space.  I know that lease deals can be executed over asking depending on TI's, etc.  But has anyone seen so much competition for space that tenants are bidding against each other and offering above the asking rate for as-is, no free rent deals?

My client is about to pay about 15% over ask for an industrial space in a market that has somewhat limited supply to begin with and current vacancy is around 3%.

Also, what about for sales?  This seems to be somewhat more common but still pretty rare for commercial real estate.  Right?  What do you see?
[{"id": "hur1hvy", "text": "Tenants offering over ask or bidding against others for any class of space is not uncommon under certain market conditions. \n\nYour asking rates could also be too low.", "replies": [{"id": "hurmy2d", "text": "Yep, rates were below market already.  Still below market even with 15% increase.  I was repping the tenant", "replies": [], "depth": 2}], "depth": 1}, {"id": "hurjjsh", "text": "Vacancy rate for good space where I am at is zero. Landlords are going to tenants with 30% -50% rate increases and saying if they can\u2019t stomach it they have three people that can. It is a bloodbath for industrial.", "replies": [{"id": "hurnepv", "text": "Crazy.  How are landlord's presenting their counter?  Do they have a flyer that says the rate is $1.00, for example, and then a tenant submits an LOI for $1.00, but the landlord comes back with $1.50??", "replies": [{"id": "huroaqb", "text": "It is all tbd, when rates go up only fools post them. Bring me your best offer. Tenants are panic buying like there is no tomorrow.", "replies": [{"id": "hus2vxk", "text": "Call for rates!", "replies": [], "depth": 4}], "depth": 3}, {"id": "hv1hy7m", "text": "Just closed on an 8k warehouse (lease), the quickest deal I've ever completed. The day it came on the market we toured the facility &amp; submitted an offer - 'As Is' at their ask. Lease came out 2 days later &amp; LL advised he had a line of people waiting to tour the space. \n\nWhat likely would have happened if we didn't submit an offer at their ask - LL would have kept the door open &amp; started a bidding war. Considering my tenant's use &amp; history, it was a no brainer. Industrial market is still red hot by me...", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hurusb1", "text": "This happens all the time. Especially in major markets where industrial space is tight right now. \n\nI have a client who managed to get a Doordash lease at 18% over asking rate and with a full year rent paid up front...", "replies": [{"id": "huulg2c", "text": "Doordash lease?\ud83e\udd14, I've never heard if that. Can you elaborate please?", "replies": [{"id": "huvcarx", "text": "They're testing small distribution facilities that will hold inventory of convenience items that drivers can grab as part of orders.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "huscd13", "text": "In industrial, especially top markets, I\u2019d say this is common.", "replies": [], "depth": 1}, {"id": "hust6bo", "text": "Interesting feedback, I was just wondering the same this week.", "replies": [], "depth": 1}, {"id": "hut57en", "text": "Leasing - yes in the Australian market 2017-2019 you saw rents rise almost fortnightly and often tenants were prepared to increase the face rents and reduce tenant incentives for the right spec\n\nSales - Australian property it is 100% common and mostly the norm to pay above asking in the capital cities. The asking is usually a bare minimum guide here vs from what I see in the US it seems to be the \u201cceiling\u201d price (obviously not always the case)", "replies": [{"id": "huw0vra", "text": "Interesting regarding sales.  The Coriolis Effect is true!", "replies": [{"id": "huyuqam", "text": "Most capital city sales in residential are auction and seeing 10-25% above reserve is norm.\nCommercial for sub $$20m is auction and the same selling for 3-5% pending asset class.. and above is closer to 4-5% for larger commercial asset, industrial in a league of its own atm. Essentially all of this is above \u201casking\u201d if they even disclose that....", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]