The U.S. industrial development pipeline has slowed in recent quarters, following two years of record deliveries, and is likely to continue to shrink in coming years, CommercialEdge said in its July 2024 National Industrial Market Report.
Through the first six months of 2024, 97.8 million square feet have been started, down from 147 million square feet a year ago, the report noted.
"This slowdown has been driven by normalizing demand from tenants, the record level of new supply recently delivered or set to be delivered, higher costs of construction loans and economic uncertainty," CommercialEdge said.
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