United States Industrial Outlook | Q4 2023

Industrial assets show slight rally to close out 2023

February 12, 2024

While the year ended with the industrial sector gaining some traction, the year was largely sluggish in nature as obstacles including elevated interest rates, inflationary pressure, and reduced sales and leasing volumes persisted. Net absorption was largely unchanged from the previous quarter finishing Q4 at 44.1 million s.f., bringing the year-to-date figure to 214.8 million s.f. Looking at new deliveries historically, just over 2 billion s.f. has been delivered over the past 5 years. The wave of construction that took off during the pandemic contributed to 593.5 million s.f. of new product being added to the market, increasing total industrial inventory by 3.8% this year. Given the influx of new deliveries, vacancy increased by 230 basis points since last year, settling at 5.7% for the end of 2023.

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