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National  + Industrial  | 
Three Warehouses to be Developed in St. Louis Under Qualified Opportunity Zone

U.S. Industrial Absorption Slows in Q3; First Dip in Eight Quarters

The economic headwinds have finally caught up with the U.S. industrial real estate market. Cushman & Wakefield reported that although demand still outpaces supply on a year-to-date basis, the third quarter saw overall net absorption down 18.1% from the prior quarter, putting YTD absorption 10.4% behind last year’s pace.  

This marks the first time in eight quarters that supply has outpaced demand, according to Cushman & Wakefield. Vacancy ticked higher by 10 basis points to 3.2% as new leasing activity slowed and speculative construction completions swelled. 

“As expected, given the current economic climate coupled with historically tight market conditions across many markets, new leasing activity was more tempered in comparison to the previous seven quarters when it exceeded 200 million square feet,” said Jason Price, senior research director for Cushman & Wakefield. 

Construction completions reached a recent historical high with more than 148 million square feet of industrial deliveries in Q3. Nearly 70% of YTD completions have been spec. 


Inside The Story

Cushman & Wakefield's Price

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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