Research

United States industrial outlook – Q2 2019

U.S. industrial vacancy holds, rents continue to climb in the second quarter

August 13, 2019

Q2 2019 vacancy rate remains steady at 5.0 percent despite 65.2 m.s.f. of new industrial completions 

In the second quarter, the U.S. industrial market maintained the momentum seen in Q1 2019 and continues to be near all-time historic lows. Quarterly completions outpaced net absorption for another consecutive quarter; despite this, the vacancy rate remains stable at 5.0 percent due to strong preleasing rates.

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 65 million square feet of industrial space was delivered in Q2. Moving the total industrial inventory over 13.2 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 $5.86 per square foot.

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

YTD total net absorption at 96.8 million square feet

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

Vacancy at 5.0%, 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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