More industrial space was available for sublease in 3Q 2024 than ever before. Yet available space is being steadily absorbed and signs are positive for the almost 200 million square feet still on the market, according to a new report from Savills.

In total, 198.7 million square feet was available for sublease in 3Q 2024 – more than 225% higher than the level recorded in the same company’s April 2023 study. However, there was also good news.

By November 2024, 80% of the sublets of more than 100,000 square feet analyzed in the previous study – averaging 11 months on the market -- had been leased or taken off the market. Savills said they had performed “remarkably well” during a two-year period when national vacancy rose 360 basis points and 1.2 million square feet was delivered. “By November 2023, only half of the original square footage remained available, dropping further to 20.1% 12 months later,” the report noted.