Richmond, Va., and Oklahoma City were ranked as the top-performing small-bay and big-box industrial markets, respectively, according to CoStar.
Based on a Z-score analysis of the largest 54 markets in the United States, Richmond ranked at the top of the small-bay sector due to its more limited inventory growth during the past 10 years and its minimal vacancy expansion.
“Richmond has continued to experience strong demand for industrial space over the last few years,” said Juan Arias, national director of industrial analytics at CoStar Group. “The market has retained one of the lowest vacancy rates among all major markets with more than 100 million square feet of inventory. It has also seen a significant amount of demolition of small bay space, which has offset the impact of new supply.”
Other standout markets in the small-bay sector include Tampa, which has generated the largest rent gains for small-bay space among the top 54 markets, and Nashville, which
