U.S. Industrial Market Outlook Report | Q3 2024

Industrial vacancy beginning to plateau as new supply falls

The U.S. average vacancy rate climbed by 19 basis points, to 6.6%, during the third quarter of 2024, the smallest quarterly increase since it began to rise in late 2022. New supply totaled 76 million SF, the lowest since early 2021, and 54% below the 163 million SF delivered during the third quarter last year. Demand as measured by net absorption totaled 39 million SF, bringing the year-to-date tally to 115 million SF. Quarterly construction completions will fall further over the next few quarters, when new supply and rebuilding tenant demand will approach equilibrium, and vacancy will peak in most markets and start to fall again.   ...more

RSK: If you are in the industrial sector this report is a must read.