U.S. industrial market set new records, occupancy growth tops 500msf y-o-y
The U.S. industrial market set new records across multiple key performance indicators, according to Transwestern’s third quarter U.S. Industrial Market report. More than 540 million square feet of net absorption was reported over the last four quarters, making it the first time in history that occupancy has increased by more than 500 million square feet year over year. The third quarter saw net absorption of 158.8 million square feet, the largest quarterly growth since 2008.
Asking rents increased to $7.11 per square foot in the third quarter, with more than one-third of the 44 tracked markets reporting double-digit percentage growth on a year-over-year basis. It marked the first time