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U.S. Industrial Availability Rate Declines, 34 Straight Quarters

The availability rate for U.S. industrial real estate declined by 8 basis points in Q4 2018, while demand for warehouses exceeded the delivery of newly-constructed supply by roughly six million square feet, according to a new report from CBRE.

Availability of U.S. industrial real estate dipped to 7% in the fourth quarter, the lowest point since 2000. That marks 34 consecutive quarters of declining availability, the longest since CBRE started tracking the data in 1988.

Preliminary data shows that net absorption across the 55 markets tracked by CBRE amounted to 63 million square feet in the quarter, outpacing construction completions of roughly 57 million square feet.

CBRE Global Chief Economist Richard Barkham says, “Construction has picked up, but the long-term demand drivers of e-commerce and the strong U.S. economy have more than offset that supply gain. While factors such as higher interest rates and trade-protection worries are headwinds, the U.S. industrial real estate market will continue to draw momentum from the healthy U.S. labor-market, brisk import activity aided by the strong dollar and robust consumer confidence.”

The gap between demand for warehouses and newly-delivered supply narrowed in the fourth quarter to 6.2 million square feet, down from 9.3 million square feet in Q3. However, quarterly data can be volatile. On a full-year basis, demand exceeded supply by 29 million square feet in 2018.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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