The industrial sector has probably held up best of any in commercial real estate post-pandemic and during the fall in transactions, values, and rent growth.
According to data from Yardi Matrix, the national average rent in February was $7.68 per square foot. That was down four cents from January but still up 7.5% over the previous 12 months. The average rate signed in the last 12 months was $10.31. The average vacancy rate was 5.0%.
"Record levels of new supply coming on line simultaneous with demand cooling have sent vacancy upwards and provided some much needed breathing room to the most in demand markets," Yardi wrote.
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