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Property market


12-mo change in total vacancy (bps)


12-mo net absorption (% of inventory)


12-mo completions (% of inventory)


12-mo rent growth (p.s.f.)

Investment market


Investment sales (2017, billions of $US)


2017 investment sales growth


Average cap rate


12-mo change in cap rate (bps)

  • Demand: National vacancy has halved since 2010 to 5.0 percent, 240 bps lower than past peak.
  • Transactions: Total industrial volume amounted to nearly $60.0 billion, representing the second-highest total in sector history.
  • Markets: Primary market activity drives bulk of investment in second half of 2017, with Los Angeles and Chicago constituting the most liquid markets.
  • Sources of capital: Off-shore investment into the U.S. industrial sector in 2017 at $4.9 billion marked its second-highest total in history, second only to 2015.
  • Sources of risk: Intensifying buy-side competition driving pronounced shifts in investment environment.

U.S. Industrial cap rate map

Scarcity of opportunities, strength of rent growth driving modest and sustained cap rate compression for Class A industrial assets in primary markets

Methodology: Cap rates pertain to JLL’s expected average ranges for Class A assets being priced as of Q1 2018

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View the complete H2 2017 U.S. Industrial Investment Outlook for more on these latest industrial trends.