CommercialEdge just released its monthly national industrial report, looking at the US industrial market’s performance in early 2021, and I’d like to share it with you.
Appetite for industrial space is strong across the country, but new development is being influenced by availability of land and impacting rents. While industrial demand exploded last year due to the pandemic, we expect growth this year will be driven by a rapidly recovering economy.
Here’s what the data shows:
- CommercialEdge recorded $4.7 billion of transactions nationally during the first two months of 2021.
- Industrial rents averaged $6.47 per sq. ft. in February, a 5.1% increase over the last 12 months.
- Vacancies shrink in face of demand: the average vacancy rate was 6.1% in February.
- The average price per sq. ft. went up 10% from Q4 2020 to $112 per sq. ft
- 41.7 million square feet of new industrial space was delivered in the first two months of 2021 and a total of 346.6 million square feet is currently under construction.
For more insights and market-specific data, here’s the link to our report: https://www.commercialedge.com/blog/commercialedge-national-industrial-report-march-2021/
