The industrial market is well on its way to a record-setting year, Cushman & Wakefield research says. The firm found the industrial market to have low vacancies, a significant amount of absorption and rising rents.
The nation's industrial markets saw a whopping 173.1M SF net absorption in the first three quarters, with Q3 producing 57.9M SF absorbed.
The weighted average US industrial rental rates hit $5.34 triple net in Q3, a 4.8% year-over-year increase. And the vacancy rate for the nation's industrial market fell to 7.4% in Q3 with a total of 25 US markets having industrial vacancy rates lower than 6%.
These strong numbers prompted new construction to meet demand, the report says. During Q3, Cushman & Wakefield estimates construction activity totaled 182.3M SF nationwide.
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