In Q2 2024, the DFW industrial market experienced a slight dip in vacancy rates to 9.7%, despite being higher than last year due to a surge in new construction. The influx of new space has outpaced leasing activity, causing vacancy rates to rise and shifting market conditions to a more neutral stance in half of the submarkets. Deliveries decreased this quarter, while leasing activity saw an 8% increase, and rental rates continued to climb, reaching new highs. Economic growth in the region remained robust, with notable employment gains in key sectors. https://lnkd.in/gMfer7J3
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📊 Q2 Inland Empire Industrial Market Update 📊 Key Takeaway: Vacancy rates are climbing while rental rates are falling, creating unique opportunities for tenants. 🏢 Net Absorption • Net absorption totaled 3.6 million square feet, driven by large occupier move-ins in the IE West submarket. 📈 Vacancy Rates • Market vacancy has increased to 8.4%, nearly doubling from 4.3% recorded one year ago. • Vacancy will continue to rise as more sublease space hits the market and new vacant construction is delivered. 💸 Asking Rental Rates • The market shows signs of correction as leasing activity slows. • Asking rental rates declined by 4.2% from last quarter to $1.22 NNN per month. For more detailed insights and how these market conditions could benefit your business, feel free to reach out! #IndustrialMarket #InlandEmpire #CRE #Leasing #MarketUpdate #RealEstate
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The Chicago industrial sector is thriving with dynamic changes in leasing and construction activities! Here’s a snapshot: Stable Vacancy Rates: The overall vacancy rate remains steady at 5.8%, reflecting a balanced market. Robust Leasing Activity: In the first half of 2024, a remarkable 22.2 million square feet (msf) have been leased—a whopping 53% increase from pre-pandemic averages. This surge underscores strong tenant demand and market resilience. Declining Construction: Construction activity has seen a notable 23% decrease, with only 12 msf currently under development. This reduction is expected to stabilize vacancy rates and drive up rental prices due to limited new inventory. Market Implications: With sublet vacancy peaking at 4.9 msf, there’s flexibility for businesses seeking space. Meanwhile, rental growth remains robust, increasing by 5% in the first half of 2024 compared to the previous year. The Chicago industrial landscape continues to evolve, presenting opportunities for investors, developers, and tenants alike. Please reach out with any questions or needs. Adam Haefner Zeke Rowan Marty Mikaitis #ChicagoIndustrial #RealEstateMarket #CommercialProperty #LeasingActivity #ConstructionTrends
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With demand waning and supply growing, occupiers have a window to negotiate for more favorable lease terms. Learn more in Cresa's Q1 industrial report: https://bit.ly/3QjEg2g
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Please see below for our second quarter industrial insights. Vacancy continues to trend upwards and is currently at 3.1% this quarter up from 2.4% last quarter and 0.8% a year ago. With steadily increasing supply and moderated demand from industrial occupiers we are seeing a slow but steady reduction in asking lease rates across most markets. Strata values have softened in the past year but quality units in good locations are trading and purchaser demand seems to be steady. With interest rates being stable and likely to continue to decline slowly, I expect purchaser demand to increase over the second half of the year into 2025.
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Chicago Industrial Real Estate Trends: Q1 2024 Insights · Vacancy Rates: Despite a Q4 2023 spike, vacancies in properties over 500,000 sf dropped to 7.4% by the end of Q1 2024. · Leasing Activity: Q1 2024 saw 9.9 msf leased, 73% higher than pre-2020 averages, indicating market stabilization. · Construction Trends: Activity decreased by 66%, with only 51% of 11.9 msf under construction speculatively. If you are looking to learn more about the Chicago Industrial Market, please reach out. Adam Haefner Zeke Rowan Marty Mikaitis #CommercialRealEstate #Chicago #Industrial #Q12024Insights #MarketTrends #CRE
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New industrial supply will likely continue to push the national vacancy rate up in 2024. The influx is expected to increase vacancies in the short term, potentially leading to the slowest rent growth since 2012. Get the full Q2 Industrial Real Estate Market Report here. #realestate #industrial #Realpoint https://okt.to/s7lRdA
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New industrial supply will likely continue to push the national vacancy rate up in 2024. The influx is expected to increase vacancies in the short term, potentially leading to the slowest rent growth since 2012. Get the full Q2 Industrial Real Estate Market Report here. #realestate #industrial #Realpoint https://okt.to/rJY3Ch
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New industrial supply will likely continue to push the national vacancy rate up in 2024. The influx is expected to increase vacancies in the short term, potentially leading to the slowest rent growth since 2012. Get the full Q2 Industrial Real Estate Market Report here. #realestate #industrial #Realpoint https://okt.to/vai1lT
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New industrial supply will likely continue to push the national vacancy rate up in 2024. The influx is expected to increase vacancies in the short term, potentially leading to the slowest rent growth since 2012. Get the full Q2 Industrial Real Estate Market Report here. #realestate #industrial #Realpoint https://okt.to/Ep1IyX
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New industrial supply will likely continue to push the national vacancy rate up in 2024. The influx is expected to increase vacancies in the short term, potentially leading to the slowest rent growth since 2012. Get the full Q2 Industrial Real Estate Market Report here. #realestate #industrial #Realpoint https://okt.to/aBHCmX
