Higher interest rates and normalized demand have slowed industrial construction and have helped to cool industrial starts, with 147.1 million square feet beginning construction in the first half of the year, according to a report by Commercial Edge. During the same period in 2022, developers broke ground on 313.2 million square feet, according to the report.
Charlotte was a particularly active market for new development, with 14.9 million square feet under construction as of June.
Industrial continues to be a much sought-after asset class despite challenges in the economy that have slowed down investment in the sector.
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