Port Markets and Logistics Hubs Record Hefty Premiums for New Industrial Leases

CommercialEdge just released its February industrial report analyzing the U.S. industrial market at the beginning of 2023, and I wanted to share it with you.

We found that of the 63 markets covered, 44 reached a lease spread greater than 10%. Of these, 16 markets had spreads wider than 20% in January, the biggest being in port markets and logistics hubs.

Key findings from our report:

  • National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year.
  • The national vacancy rate stood at 4.0%, up 10 basis points month-over-month.
  • Nationwide, 691 million square feet of industrial space was under construction.
  • Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot.
  • Western markets posted the widest lease spreads, with the Inland Empire registering a spread of 28.2%.
  • Columbus recorded the second lowest vacancy rate nationwide at 1.7%.
  • Dallas led the nation in development with a 61.6 million-square-foot pipeline.
  • New Jersey’s sales volume was the second highest among leading markets at $149 million, surpassed only by Bay Area’s $169 million.

For more insights and market-specific data, check out our full report here: https://www.commercialedge.com/blog/national-industrial-report/

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