{"id":8131,"date":"2024-10-31T08:15:55","date_gmt":"2024-10-31T08:15:55","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8131"},"modified":"2024-12-10T09:00:47","modified_gmt":"2024-12-10T09:00:47","slug":"us-industrial-market-outlook-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-industrial-market-outlook-october-2024\/","title":{"rendered":"U.S. Industrial Market Outlook \u2013 October 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/us-industrial-market-outlook\/\">Industrial Market Report<\/a><\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><em>The average new lease rate over the past year was $10.36 per square foot, exceeding the overall lease average by $2.20, according to the latest Yardi Matrix industrial market outlook.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Report Highlights<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>National in-place rents for industrial space averaged at $8.16 per square foot at the end of September, up 7.1 percent from September 2023 and <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/us-industrial-market-outlook-august-2024\/\">5 cents more than the month prior<\/a><\/strong>.<\/li>\n\n\n\n<li>Nationwide industrial vacancy recorded a 30-basis-point uptick from the previous month and averaged 7.0 percent at the end of September.<\/li>\n\n\n\n<li>The under-construction pipeline featured 362.6 million square feet of industrial space as of September.<\/li>\n\n\n\n<li>Total industrial transaction volume amounted to $43.7 billion in the first three quarters of 2024.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industrial-rents-up-7-1-percent-y-o-y-in-september\">Industrial rents up 7.1 percent y-o-y in September<\/h2>\n\n\n\n<p>In September, the national average rent for industrial space rose to $8.16 per square foot, a five-cent increase from August and a 7.1 percent jump year-over-year, as reported by Yardi Matrix. In-place rents saw the highest annual growth in the Inland Empire (12.1 percent), followed by Miami (11.2 percent), Los Angeles (9.5 percent) and New Jersey (9.1 percent).<\/p>\n\n\n\n<iframe title=\"Under-construction industrial pipeline\" aria-label=\"Table\" id=\"datawrapper-chart-pKPSe\" src=\"https:\/\/datawrapper.dwcdn.net\/pKPSe\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"416\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\n\n\n\n<p>Among inland regions, the Sun Belt experienced the steepest increases, with Nashville (8.4 percent), Atlanta (8.2 percent) and Dallas (8.1 percent) seeing significant growth, a trend driven by strong in-migration and job expansion over the last decade that has bolstered demand for industrial space in major logistics hubs.<\/p>\n\n\n\n<p>New leases signed over the past year averaged $10.36 per square foot, $2.20 higher than the national average, Yardi Matrix data shows. Miami led in new lease premiums, with recent leases priced $5.65 above the market average per square foot, while Bridgeport, Conn., and Boston followed with premiums of $4.38 and $3.70 per square foot, respectively, for newly leased spaces.<\/p>\n\n\n\n<p>The national industrial vacancy rate climbed to 7.0 percent in September, a 30-basis-point rise from August, as new supply has gradually pushed up vacancies in recent quarters. Charlotte registered one of the lowest vacancy rates at 4.1 percent, with Detroit close behind at 4.6 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industrial-construction-surges-amid-strong-investment\">Industrial construction surges amid strong investment<\/h2>\n\n\n\n<p>A total of 362.6 million square feet of industrial space was under construction across the U.S. as of the end of September, accounting for 1.8 percent of the national inventory. Meanwhile, industrial completions totaled 283.1 million square feet at the end of the third quarter. Although this year\u2019s new supply will fall short of the peak levels seen over the past two years, it will still exceed all pre-2020 figures recorded by Yardi Matrix.<\/p>\n\n\n\n<iframe title=\"Under-construction industrial pipeline (as percentage of stock)\u00a0\" aria-label=\"Table\" id=\"datawrapper-chart-mGk0T\" src=\"https:\/\/datawrapper.dwcdn.net\/mGk0T\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"460\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\n\n\n\n<p>The markets with the largest pipelines based on percentage of existing stock were Phoenix (8.3 percent, with 33.8 million square feet underway), Kansas City, Mo. (3.7 percent, 10.7 million square feet), Memphis, Tenn. (3.4 percent, 10 million square feet), Philadelphia (2.8 percent, 12.7 million square feet), Columbus (2.7 percent, 8.6 million square feet) and Denver (2.7 percent, 7.5 million square feet).<\/p>\n\n\n\n<p>Industrial investment during the first three quarters of 2024 reached $43.7 billion, with properties trading at an average of $130 per square foot. Sales activity was concentrated in Dallas-Fort Worth ($3.3 billion), the Bay Area ($3 billion), Los Angeles ($2.2 billion), Houston ($2.1 billion) and Chicago ($2.1 billion).<\/p>\n\n\n\n<p>Read the full Yardi Matrix Industrial Market Outlook: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/6368-MatrixIndustrialReport-October2024\"><strong>October 2024<\/strong><\/a>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average new lease rate over the past year was $10.36 per square foot, exceeding the overall lease average by $2.20, according to the latest Yardi Matrix industrial market outlook. Report Highlights Industrial rents up 7.1 percent y-o-y in September In September, the national average rent for industrial space rose to $8.16 per square foot, [&hellip;]<\/p>\n","protected":false},"author":741,"featured_media":8005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[216,4],"tags":[336],"class_list":["post-8131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-market","category-real-estate-trends","tag-industrial-real-estate-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Industrial Market Outlook \u2013 October 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"East Coast ports avoided significant disruption when dock workers and operators reached a tentative labor agreement earlier this month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/us-industrial-market-outlook-october-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Industrial Market Outlook \u2013 October 2024\" \/>\n<meta property=\"og:description\" content=\"East Coast ports avoided significant disruption when dock workers and operators reached a tentative labor agreement earlier this month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/us-industrial-market-outlook-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-31T08:15:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-10T09:00:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/08\/Industrial-iStock-2164235033.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Corina Stef\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"U.S. Industrial Market Outlook \u2013 October 2024 - 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