U.S. industrial market statistics, trends & outlook

The U.S. industrial real estate market vacancy remains at secular lows

The U.S. Industrial market closed the final quarter of 2018 on a stable note. Nationwide, vacancy continued to hover close to 5.0 percent and for the U.S. closed the quarter at 4.9 percent. Since 2009, it has been cut in half – continuing to be near record low numbers. Both 2018 total net absorption and total new construction crossed the 200 million-square-foot mark, respectively, in line with the previous year.

Given the industrial market remains at structural lows, rents continued an upward trajectory, albeit at a slower annual growth rate of 4.7 percent. Additionally, the U.S. construction pipeline remains robust with new buildings continuing to break ground. The availability of industrial space fell by 10 basis points, quarter-over-quarter, to 7.2 percent.

Here are three things to keep an eye on in the coming months:

Click through the tabs below to compare market performance across key categories.

Inventory (s.f.)

Nearly 260.6 million square feet of industrial space was delivered in 2018. Moving the total industrial inventory over 13.0 billion square feet.

Market Inventory (s.f.)
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Rental rates ($)

The U.S. industrial rents moving closer to the $6.00-mark, at $5.76 per square foot.

Market Rental rates ($)
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YTD net absorption (s.f.)

2018 total net absorption crosses the “200-m.s.f.-mark”.

Market YTD net absorption (s.f.)
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Total vacancy (%)

Vacancy at 4.9%, despite continued robust construction activity.

Market Total vacancy (%)
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Under construction (s.f.)

Despite a strong construction pipeline, strong pre-leasing trends in the newly built industrial product have helped keep the vacancy levels stable.

Market Under construction (s.f.)
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United States industrial property clock

JLL Industrial Outlook clock (image)

Source: JLL

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