The softening economy is finally catching up with the nation’s industrial real estate as a pandemic-fueled boom in warehouse demand shows signs of slowing.
The U.S. industrial vacancy rate ticked up slightly in the third quarter to 3.2% from 3% at midyear as leasing slowed and developers completed a record 148 million square feet of projects, with more than two-thirds of the new space built on speculation without signed tenants, according to a third-quarter 2022 industrial market report.
Warehouse tenants occupied 108 million square feet in the quarter, down 18% from the prior three months, in the first national quarterly decline in industrial demand since mid-2020.. The findings reflect a slowing also seen by CoStar analysts.
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