Despite fears that vacancy in industrial CRE has been increasing, a new report from Crexi suggests that the market is stabilizing and the nation’s top 10 industrial CRE markets still offer significant opportunities for investment. Buyers are also showing a growing preference for eco-friendly buildings.
Heading the list of the highest-ranked metros is Cleveland. According to Crexi, the city is one of the country's largest industrial markets with “unparalleled opportunities for industrial warehouse investment with a strategic infrastructure that attracts logistics and manufacturing businesses,” along with a strategic location. Despite a slight slowdown in leasing activity, the market remains healthy, recording a 2.6% vacancy rate in Q3 2024. Annual asking rent is $4 per square foot, and the median sale asking price per square foot is $50.
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