By Rene Circ The market has seen two years of demand following a very significant downturn, with interest widespread across the country but primarily concentrated in large distribution markets and especially in modern logistics buildings. But the annual numbers are deceiving: Quarterly performance has been less consistent. In fact, net absorption in the first quarter of 2012 neared recession territory. Nonetheless, the national industrial real estate market has been recovering at a faster rate than the headline net absorption numbers would suggest. The lack of new supply, a rare event for industrial, has been of great help. In fact, in…