{"id":7637,"date":"2024-07-05T11:50:35","date_gmt":"2024-07-05T11:50:35","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7637"},"modified":"2024-07-29T12:06:34","modified_gmt":"2024-07-29T12:06:34","slug":"us-industrial-market-outlook-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-industrial-market-outlook-june-2024\/","title":{"rendered":"U.S. Industrial Market Outlook \u2013 June 2024"},"content":{"rendered":"\n

Read the latest Yardi Matrix Industrial Market Report<\/a><\/strong>.<\/p>\n\n\n

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The average sale price for industrial properties rose 15.4 percent to $142 per square foot, according to the latest Yardi Matrix industrial market outlook.<\/em><\/p>\n

Report Highlights<\/h2>\n
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  • National in-place rents for industrial space averaged $8.00 per square foot at the end of May, a 7.5 percent increase from May 2023.<\/li>\n
  • Nationwide industrial vacancy rose to 5.6 percent in May, a 40-basis-point increase from the previous month.<\/li>\n
  • Total industrial transaction volume amounted to $19.7 billion in the first five months of 2024.<\/li>\n
  • The under-construction pipeline encompassed 381.3 million square feet of industrial space as of May.<\/li>\n
  • Industrial sales year-to-date in May totaled close to $20 billion.<\/li>\n<\/ul>\n

    Industrial vacancy reaches 5.6 percent<\/h2>\n

    In May, the national average rent for industrial space hit $8.00 per square foot, up 750 basis points from last year, according to Yardi Matrix data. This accounts for a 4-cent increase from April 2024. The Inland Empire led rent growth with a 12.6 percent increase, followed by Los Angeles (11.6 percent), Miami (11.4 percent) and New Jersey (9.6 percent). Phoenix, the fastest-growing non-port market, saw an 8.7 percent rise, nearly matched by Orange County (8.6 percent), while Seattle experienced an 8.2 percent year-over-year growth.<\/p>\n