Industrial markets softening amid declining figures
In the midst of rising inflation and economic uncertainties, industrial markets across the country posted sluggish figures compared to one year ago, according to JLL.
While asking rates closed second quarter at $9.48 per square foot, up 18.4 percent year-over-year, the rate of growth is expected to start slowing significantly. Absorption figures tumbled 41.3 percent year-over-year as only 61.9 million square feet was absorbed, bringing the year-to-date net absorption to 121.1 million square feet. With record amounts of new product delivering to the market and lagging pre-leasing rates in recent quarters, the vacancy rate continued to inch upward to 4.2 percent.
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