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U.S Industrial Market Enjoyed 3 Billion Square Feet of User Growth Over Last Decade

February 13, 2020 / Michael Gerrity
SHARESHARESHARE

According to Transwestern's latest national report on the U.S. industrial sector, between the first quarter of 2010 and the fourth quarter of 2019, the U.S. industrial market experienced occupancy gains of more than 3 billion square feet. In the most recent quarter, 58.6 million square feet of absorption contributed to that total. Meanwhile, the U.S. average asking rental rate climbed to $6.38 per square foot in the fourth quarter, peaking for the third straight year. Five markets, including Las Vegas, Philadelphia, Oklahoma City, Boston and Raleigh-Durham, all posted year-over-year rent growth over 10%. Positive net absorption for 40 straight quarters is a remarkable trend," said Matthew Dolly, Research Director. "U.S. job growth and strong consumer spending continue to drive retail sales, and despite record new deliveries, the construction pipeline remains full. We anticipate rental rates - which, on average, grew by more than 26% during the past decade - will continue ...