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Which markets have the most industrial inventory under construction? Are they justified?

  • ​​When we look at under construction pipelines as a percentage of existing inventory we begin to dive deeper in to the square footage –creating a baseline where we can analyze markets side-by-side, in a localized context.
  • Los Angeles leads major industrial markets in the U.S. with 27.5 m.s.f. of product under construction –the equivalent of 5.5% of their 501 m.s.f. inventory. Yet, vacancy clocks in at 3.4%, justifying the high volume.
    • Justified
      • Cleveland –low construction (0.4%) tells the story of a high vacancy (8.8%)
      • Inland Empire –high construction volume (5.5%) supported by minimal vacancy (3.4%)
    • Uncertain
      • Los Angeles –extremely low vacancy (1.1%), yet minimal construction pipeline (1.1%)
      • Dallas / Ft. Worth –sizable construction pipeline (3.8%) paired with moderate vacancy (7.1%)
Source: JLL  Research

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