CommercialSearch just released the latest mid-year industrial development report.
At the close of the first half of 2024, the U.S. had 375.7 million square feet of industrial space under construction. Notably, the amount under construction nationally has dropped by almost 19% compared to the start of the year, when 463 million square feet were under construction, and by 45% compared to January 2023.
Using CommercialEdge data on industrial property completions and assets under construction, we looked at the markets with the largest industrial real estate pipelines as of July 2024, the largest properties scheduled for a completion in the second half of the year, and the largest properties built so far in 2024.
Here are some local highlights:
- Atlanta’s industrial pipeline currently encompasses 10.9 million square feet of space, marking a 66.7% increase since January 2024.
- The current projects under development in Atlanta will expand the market’s inventory by 1.9%, recording the 20th-largest industrial expansion among the markets on the list.
- The largest industrial completion in the first half of 2024 in Atlanta was the Speedway Commerce Center – Building 6, at 1.4 million square feet.
At the national level:
- Topping the list of most new industrial supply nationally was Phoenix, with 39 million square feet of industrial space under construction.
- The Savannah market is set to register the largest industrial expansion, with a projected increase of 18.8% compared to the current inventory once completed.
Find more details and our complete methodology here: https://www.commercialsearch.com/blog/mid-year-industrial-development-report/
Feature Image Courtesy of: Commercial Search
