Industrial ended the third quarter on a record tear, with demand outpacing supply for the third straight quarter and absorption shattering prior records.
A new report from Cushman & Wakefield shows that the market absorbed 140.7 million square feet of industrial space in Q3, the most space ever absorbed in a single quarter of any year the firm has analyzed such data. That brought the year-to-date total to 365.9 million square feet, a whopping 98% above the same period in 2020 and the most absorption ever recorded in a single year.
Warehouse and distribution space continued to be the sector's darling, with 338.9 msf of net absorption so far this year. And of the 81 industrial markets Cushman tracks, 55 have seen more than 1 million square feet of positive net absorption and 25 have posted more than 5 million square feet.
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