Last year was a slow turnaround for bulk industrial, according to Colliers. New occupancies saw a jump up from 2023 even as transaction sizes were down.
In 2023, new bulk occupancies had dipped. Those greater than 100,000 square feet totaled 302 million square feet by the end of the year. That was a 47.6% drop from the 576 million square feet in 2022. New occupancies comprised 1,042 new leases and user sales compared to 1,956 in 2022.
Last year saw new industrial bulk occupancies of 307 million square feet — up 1.5% from 2023 — across 1,160 spaces of at least 100,000 square feet. The growth accelerated over 2024, with 156 million square feet in the second half of the year, 3% higher than the first half.
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