After record figures across most U.S. industrial markets in 2021 and 2022, key fundamentals cooled in 2023 and have been recalibrating ever since. Total net absorption has been negative in recent quarters, sublease space is on the rise, vacancy and availability rates have been steadily inching up, and average asking lease rates are relatively flat. Furthermore, the recent surge in development activity due to the rise in ecommerce penetration has been slowly drying up with construction starts dropping by more than 60 percent in 2023 and 2024.
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