The strong demand for U.S. industrial space has pushed vacancy to an all-time low of 3.3 percent, and increased rental rates 15.2 percent year-over-year (YOY), according to Cushman & Wakefield in its first quarter 2022 U.S. industrial statistics.
The construction pipeline surpassed last quarter’s record, with 660,843,714 square feet (sf) under construction, up 17.7 percent from the previous quarter.
“The construction pipeline is incredibly robust, and under normal circumstances might be cause for concern. However, given the insatiable demand for industrial space and vacancy continuing to redefine ‘historic low,’ this is a healthy response to the market conditions,” said Carolyn Salzer, Americas head of logistics & industrial research.
Across the U.S., leasing activity remained strong with more than 200 million square feet absorbed for the sixth quarter in a row. However, activity was down both YOY and quarter-over-quarter (QOQ) due to a lack of
