The US industrial market continues to shatter records, with occupancy increasing by 540 million square feet over the last year, a new all-time high.
The third quarter posted net absorption numbers exceeding 158.8 million square feet, the largest quarterly increase since 2008, while asking rents ticked up to $7.11 per square foot (also a new high), according to Transwestern Real Estate Services. More than one-third of the 44 markets Transwestern tracks reported double-digit percentage growth year over year.
"We expect continued elevated net absorption as pre-leased construction projects are delivered to the market," said Matthew Dolly, Research Director at Transwestern. "Further, the boost in rents is making redevelopment opportunities more feasible, which will benefit both core and expanding markets such as Savannah, Austin and Pennsylvania's Lehigh Valley."
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