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U.S. Industrial Vacancy Hits New Low, Again
Cushman & Wakefield said Monday that strong demand for industrial space pushed first-quarter vacancy, once again, to an all-time low of 3.3% nationwide. It also drove rental rates up 15.2% year-over-year
The construction pipeline surpassed last quarter’s record, with 660,843,714 square feet under construction. That’s an iccrease of 17.7% from the previous quarter.
“The construction pipeline is incredibly robust – and under normal circumstances might be cause for concern,” said Carolyn Salzer, Americas head of logistics & industrial research at Cushman & Wakefield. “However, given the insatiable demand for industrial space and vacancy continuing to redefine ‘’historic low,’ this is a healthy response to the market conditions.”
Across the U.S. leasing activity remained strong in Q1, with more than 200 million square feet absorbed for the sixth quarter in a row. However, activity was down both Y-O-Y and quarter-over-quarter, due to a lack of available space
- ◦Lease
- ◦Development
