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:   

• National industrial in-place rents averaged $7.03 per square foot, up 6.3% over year-over-year as demand continued to outpace supply 

• The national vacancy rate contracted 180 basis points in 2022 as new deliveries were absorbed at a rapid pace 

• More than 450 million square feet of industrial space was delivered last year, setting a new industry record 

• The year ended with $88 billion in industrial sales, a robust volume but one that was noticeably below 2021 totals 

• Western markets posted the six highest sale prices nationwide, with Orange County closing 2022 at $369 per square foot 

• Columbus tied with Nashville for second-lowest vacancy rate nationwide at just 1.8%, and Indianapolis close behind at 2.3%  

• Dallas led the nation in development with a 64 million–square-foot pipeline as well as sales with $8.8 billion volume 

• 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/