Class B Industrial assets account for 53.5% of the total U.S. industrial inventory, or 10.7 billion square feet. Their appeal to attract a broad range of businesses has grown in the wake of declining vacancy rates and surging rental costs after 2021.
The temporary downturn will slow the rise in warehouse rates, but won’t send them into decline, as has happened in transport modes, according to analysts. They project the vacancy rate to creep up to 6% by the end of 2024, still tight by historical standards, and it should keep pushing pricing higher. CLICK ON THE HEADLINE FOR MORE
In half of the top 10 U.S. logistics warehousing markets, spec vacancy rates are around the national average of 4.4 percent while net asking rent growth is 7.8 percent annually, Those trends are what developers like to see. CLICK ON THE HEADLINE FOR MORE
Bought by Longpoint Realty Partners, the 39,050-square-foot building, including an adjacent 14,400-square-foot lot, sold for about $150 per square foot. CLICK ON THE HEADLINE FOR MORE