CommercialEdge just released its January industrial report analyzing how the U.S. industrial market saw record new deliveries in 2022, with a total of 450 million sq. ft. hitting the market by the end of the year. The average vacancy rate for the top 30 markets decreased to 3.9% despite the robust supply.
Key findings from our report:
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National industrial in-place rents averaged $7.03 per square foot, up 6.3% over year-over-year as demand continued to outpace supply
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The national vacancy rate contracted 180 basis points in 2022 as new deliveries were absorbed at a rapid pace
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More than 450 million square feet of industrial space was delivered last year, setting a new industry record
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The year ended with $88 billion in industrial sales, a robust volume but one that was noticeably below 2021 totals
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Western markets posted the six highest sale prices nationwide, with Orange County closing 2022 at $369 per square foot
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Columbus tied with Nashville for second-lowest vacancy rate nationwide at just 1.8%, and Indianapolis close behind at 2.3%
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Dallas led the nation in development with a 64 million–square-foot pipeline as well as sales with $8.8 billion volume
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At $3.53 per square foot, New Jersey lease premiums ranked among the five highest in the country
For more insights and market-specific data, check out our full report here: https://www.commercialedge.com/blog/national-industrial-report/
