BY THE NUMBERS
CHICAGO—US industrial market rents now sit at an all-time high, inching up to $5.35 per square foot in the second quarter, according to a new report from Chicago-based JLL. “Given historically low vacancy in most markets, rents continue to accelerate nationwide,” JLL says. “Locations like Northern California's North Bay, Central Valley and East Bay have seen double-digit rent growth as tenants fight for limited space.” The overall construction pipeline increased seven percent from the first quarter, and grew in more than half of the US markets. Pre-leasing rates also jumped, rising by 370 bps. And with overall pre-leasing now nearing 50% landlords continue to be encouraged by market conditions.
NEWS & NOTABLES
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
