CommercialEdge released its April national industrial report, analyzing the U.S. industrial market’s performance through March 2022.
As Southern California’s industrial markets struggle to keep up with demand, prices continue to skyrocket due to inventories that are tighter than ever.As a result, both developers and tenants are expected to increasingly look to inland markets for their space needs, with some already experiencing the effects of this spillover demand.
Other key takeaways include:
The average national rent for industrial space increased 4.4% year-over-year, reaching $6.47 per square foot in March.
Vacancies for U.S. industrial space averaged 5% in March but dipped well below that for high-demand markets, such as the Inland Empire and its 0.7% vacancy rate.
National construction pipeline neared 622 million square feet of industrial space, with an additional 653.2 million square feet planned.
The average industrial sale price surged 34% Y-o-Y to reach $125 per square foot, with prices surging more than 50% over Q1 2021 figures in 41 markets.
For more insights and market-specific data, check out our full report here: https://www.commercialedge.com/blog/national-industrial-report/