Industrial vacancy is likely nearing its peak for the current cycle, according to the latest research from Cushman & Wakefield. The report found overall national industrial vacancy climbed 20 basis points to 6.7%, which remains 30 bps below the 10-year pre-pandemic average.
During the fourth quarter, industrial absorption was positive in 60% of the 84 markets Cushman & Wakefield tracks. Eight markets reported more than five million square feet of absorption for the year.
Overall, the industrial market absorbed 36.8 million square feet during the fourth quarter, up from 33.3 million square feet during the third quarter but down 20% year-over-year. For the year, 135 million square feet of industrial product was absorbed, the report said.
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