TAKEAWAYS

• Vacancy remained reduced through the end of the year at 6.2%, a 90-basis point drop from one year ago and will remain low until the construction pipeline catches up with demand.
• A surge in deliveries in Q4 of 2.8 million square feet (msf) despite delays in all parts of the construction timelines ends the year with over 5.7 msfof industrial space delivered, a staggering 90.0% higher than the prior year.
• The rental rate for industrial space has steadily increased since the start of the pandemic up to $8.03 per square foot (psf) in Q4 however, with economic uncertainty on the horizon a slowdown in price may occur.

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