Net absorption for the overall industrial market was 37.6% lower in Q1 2023 as demand has moderated from its record pace in 2022 across most metros and the average overall asking rents for US industrial properties continued to increase in 2023, according to a recent Colliers report.
The report showed inventory grew 3.4% year-over-year among the top 25 markets, led by the South at 5.5%. The West region was slowest at 2.1% year-over-year.
Six markets logged more than 4 million square feet of positive net absorption in the first quarter: Dallas-Fort Worth, Chicago, Phoenix, Portland, Indianapolis, and Houston, Colliers said, led by Dallas-Fort Worth at 8.6 million square feet year-to-date.
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