Bulk Finishes Strong in 2022
Key Takeaways:
- Vacancy rate decreased to 2.6% YOY due to high demand.
- Annual net absorption finished at 7,486,652 SF.
- Approximately 8.6 million square feet of space is under construction.
- An estimated 1,460,517 SF expected to be completed in Q1 23.
- Average NNN asking rates rose to $6.57, reflecting a 55.7% increase YOY.
- In 2022, new bulk supply additions totaled 3,421,030 SF.
- Full-year completions for 2023 are estimated to reach 8,648,974 SF, with 4,847,024 SF expected to be completed in the first half of the year.
