National industrial development pipeline nears 714M square feet [CommercialEdge report]

CommercialEdge just released its November industrial report analyzing the U.S. industrial market’s performance through October 2022. 

Despite the challenges of rising financing prices and overall economic instability, there were 713.6 million square feet of industrial space under development at the end of Octoberrepresenting 4.0% of existing stock.  

As Peter Kolaczynski, Operations Senior Manager with CommercialEdge expands on current trends: 

“The construction pipeline volume is tremendous, however, with vacancy rates still hovering around 4% nationally, there continues to be an appetite for that space to be delivered. It does seem likely the rate of construction backs off this current record pace getting into 2023 though.” 

Key findings from our report:   

  • National industrial in-place rents averaged $6.95 per square foot, up 5.8% over year-ago figures as demand remains strong 

  • The national vacancy rate contracted 10 basis points compared to the previous month as new deliveries were absorbed at a rapid pace 

  • Nearly 714 million square feet of industrial space was under construction at the end of October, despite Amazon’s pullback from its aggressive expansion policy 

  • The national price per square foot remained unchanged month-over-month, while the year-to-date sales volume increased by $6.5 billion 

  • Western U.S. region claimed the six most expensive markets in terms of sales prices 

  • Increasing interest in Detroit results in the sharpest rent growth in the Midwest at 6.2% 

  • Dallas market expansion showed no signs of slowing, with local development pipeline nearing 67 million square feet 

  • New Jersey sales volume remained strong in Q3, totaling nearly $3 billion year-to-date

For more insights and market-specific data, check out our full report here:   

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