A Year In Review
The industrial market had an incredible year, as vacancy levels dropped and asking rates increased. Overall vacancy decreased 120 basis points to 5.2 percent year-over-year, a statistic not reported since Q1 2020. Marketwide absorption recorded positive net gains for the third consecutive quarter, reporting nearly 400,000 square feet year-to-date. Asking rates increased 7.5 percent to $0.86 per square foot compared to one year ago. As deal velocity accelerated in the fourth quarter, the industrial market reported more than half a million square feet in completed transactions, bringing the year-to-date total to 1.2 million square feet.
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