Industrial market defies the odds in 2020 with record-setting year

Despite the COVID-19 pandemic, industrial fundamentals proved their strength going into 2021

January 28, 2021
Quarterly leasing volume by industry

26.9% increase in leasing volume year-over-year

  • Occupation demand for industrial space remained remarkably resilient this year with total leasing volume hitting 524.2 million square feet, a 26.9 percent increase from 2019.

  • Net absorption continued to climb, surpassing the 250.0 million square foot threshold and exceeding 2019 totals by 47.6 million square feet.

  • Although demand was widespread across all industries this year, e-commerce dominated the leasing market in 2020, representing over 16.0 percent of total leasing in 2020.

  • A staggering 327.2 million square feet of new supply was added to the industrial market this year. With continued demand from e-commerce and Logistics & Distribution users on the rise, the pipeline shows no signs of slowing down.