United States Industrial Market Dynamics - Q4 2024
Industrial markets still recalibrating in evolving economic landscape
- Mehtab Randhawa
- Elizabeth Keiger
- Kelsey Nastasi
The industrial sector finished 2024 with tenants continuing to exercise prudence by postponing significant commitments amid persistent ambiguities in the market. With new deliveries coming online vacant, the vacancy rate crept up to 7.1%. Due to the influx of new deliveries and slower occupancy gains, rents contracted by $0.04 per s.f. from the previous quarter to $10.00 per s.f.
Top Trends in Q4:
Net Absorption: Net absorption fell by 35.1% year-over-year with 140.4 million s.f. absorbed with 31.8 million s.f. of that occurring in Q4.
Vacancy: The vacancy rate surpassed 7% for the first time since 2014, settling at 7.1%.
Rental Rates: Rental rates contracted slightly in Q4, settling at $10.00 per s.f.
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