Market Trends
- Vacancy remained reduced through the end of the year at 4.8%, a 30-basis-point drop from one year ago and is expected to remain low.
- Deliveries have surged at 3.7 million square feet (msf) with 10.8 msfin the construction pipeline.
- The rental rate for industrial space has seen consistent increase since the start of the pandemic up to $0.93 per square foot (psf), although Q1 experienced a slight decrease from the end of 2022 ($0.94 psf).