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For the multi-tenant industrial market, the upcoming year will be crucial as we attempt to shift our focus from a slow 2023. The market’s vacancy rate increased from 5.42% to 6.21%, reflecting the first increase since 2017–18.  Even though concerns about inflation, growing interest rates, and building costs were prevalent, the market should celebrate this modest change. Tenant caution and weak retail performance caused positive net absorption to slow. With the upcoming election, it will be interesting to see if tenants will remain cautious or feel positive enough about the economy to take on expansion. Tenant demand seems to be improving in early 2024, fueled by rising spending among consumers.

This report covers only multi-tenant, investment-grade industrial buildings. We classify them according to design, intended use & clear height into three categories:... Read More