Industrial vacancy is beginning to plateau as new construction slowed to its lowest level since early 2021, according to Colliers’ Q3 industrial report and outlook. Seventy-six million square feet of industrial construction was completed during the quarter, the lowest since the first quarter of 2021, and quarterly construction completions are expected to continue to fall over the next few quarters.
The industrial pipeline peaked at 711 million square feet during the fourth quarter of 2022, according to Colliers. Total space under construction has since dropped 53% to 331 million square feet and is expected to fall even lower during the next two quarters.
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