New supply levels for industrial space will reach historical highs this year, as an expected 261.6 million square feet comes online in 2021. 

New research from CommercialEdge shows that nearly 28 million square feet of industrial space has already been delivered so far this year, with another 337.8 million square feet under construction. An additional 361.3 million square feet are in the planning stages, and some experts predict it'll take years for supply to catch up to demand.

Shipping hubs in the Midwest have the largest new supply pipelines in the US, with Memphis boasting 12.2 million square feet of industrial space under construction (5.1% of stock) and Indianapolis following with 10.3 million square feet under development and another 9.4 million square feet in planning. Together, those markets account for FedEx's two biggest air shipping hubs in the world and benefit from cheaper land and access to FedEx air hubs, rail, and interstate highways.