Market Trends
- A shortage of industrial space persists even as 11.2 million square feet (msf) of construction activity underway aims to provide tenants more options.
- Vacancy continues to fluctuate as the market adjusts for new supply and growing demand, while asking rents increased by 8.4% over the past 12 months.
- Net absorption spiked to 7.4 msf in 2021 and is expected to stay elevated in 2022.