National industrial vacancy drops below 4% despite record new supply [CommercialEdge Report]

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

The industrial sector's expansion remained on track as high demand for industrial space continued to drive brisk rent increases. Even with supply chain constraints and inflation-related issues, the pipeline for new developments kept growing. In addition, even if this year saw a record amount of new supply delivered, the national vacancy rate declined steadily, hitting 3.8% in November. 

Key findings from our report:   

  • Despite record new supply coming online in 2022, the national vacancy rate contracted another 20 basis points from the previous month  

  • Strong demand also pushed national industrial in-place rent up 6.5% Y-o-Y to an average of $7/sq. ft in November  

  • Single-market vacancy dropped most in Nashville, where the average rate tightened near to 1% 

  • More than 742 M sq. ft of industrial space was under construction at the end of November  

  • Nearly $79 billion in industrial sales closed year-to-date, with the average sale price up 18% from 2021  

  • Inland Empire and Los Angeles were the only U.S. markets to post double-digit rent growth 

  • Chicago claimed the top Midwest spot for new leases signed at an average of $7.41/ sq. ft   

  • New Jersey industrial lease spreads among the widest in the U.S.     

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

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