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June 25, 2024
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Despite Record New Supply, National Industrial Vacancy Dips Below 4%


This report provided by CommercialEdge

The industrial sector's expansion remained on track as high demand for industrial space continued to drive brisk rent increases. Meanwhile, Southern California's industrial rent growth remains firmly in the lead, with the region home to the only two markets that recorded double-digit rent growth among the top 30 industrial markets in the country: 13.8% in the Inland Empire and 10.7% in Los Angeles.

This market summary is from CommercialEdge’s just released December industrial report analyzing the U.S. industrial market’s performance through November 2022. Key findings from the report include:

• Phoenix in-place rents rose 7.3% Y-o-Y, while Portland and the Bay Area gained 6.4% and 6.3%, respectively

• At 1.2%, Inland Empire had the second-lowest vacancy rate in the U.S.

• Los Angeles and Orange County had vacancy rates of 2.2% and 3.0%, respectively

• National industrial in-place rents averaged $7.00/ sq. ft, up 6.5% Y-o-Y as demand remains strong

• The Inland Empire had nearly 30.7 msf of industrial space under development, 5.0% of stock Despite record levels of new supply delivering in 2022, the national vacancy rate contracted further, inching down 20 basis points compared to the previous month

• More than 742 msf of industrial space was under construction at the end of November as demand continued to outstrip supply

• The national average sale price this year is 17.8% higher than it was in 2021, with a total of $78.8 billion in industrial sales closed year-to-date

For more insights and market-specific data, check out the full report HERE

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