Or the remaining ones will make up the gap. Guy might have multiple buildings keep in mind, I had an old co-worker landlord with buildings in at least three parts of the city of Alliance, OH (a mostly-landlord town), when he raised rates he always said some leave, but the ones that stay make up the gap until new ones come in. He was, of course, renting to people rather than companies, but I'd imagine it applies here too.
But at least in DPI's case, it fully backfired on the owner. Almost all of the units vacated, DPI as well, but the owner lowered his prices again, so the space DPI rented out off-site became mostly excess storage. The right-most unit is still vacant, and I think the tire guys just left their sign up, I've not seen any activity there when I visit. Two units filled and active out of at least five or six is quite the backfire.
(You learn a lot when a the local fire marshal takes notes on the "new tenant" in an oddly-timed meeting where I was there for 30 minutes tops and he was scheduled "some time this week")