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Industrial Real Estate Development Heads for “Cyclical Reset” 

Cushman & Wakefield’s newly released Industrial Construction report shows demand losing speed as construction completions peak, setting the stage for a return to a more balanced market. Although first-quarter new construction deliveries are up 40% from this time last year, with 129 million square feet coming on line, starts were down 60% from Q1 2022 levels and 34% from Q4 2022. 

Most developers and owners have started to pull back on launching new projects as demand slows. While the moderating of starts is a positive sign, the threat of oversupply in some markets and submarkets remains, the report said. 

“We have started to enter a cyclical reset to the market after two years of unprecedented demand, and the space under construction is nearly four times the size of the pipeline was at year-end 2007,” said Carolyn Salzer, director, Americas head of logistics & industrial research at Cushman & Wakefield.  


Inside The Story

Cushman & Wakefield's Salzer

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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