Northeast Industrial Figures Q3 2023

November 15, 2023 5 Minute Read

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Northeast U.S. industrial & logistics (I&L) average asking rents decreased 1.2% quarter-over-quarter and rose 7.9% year-over-year to $14.81 per sq. ft. in Q3 2023.
The vacancy rate rose 60 basis points (bps) quarter-over-quarter to 4.9% as new construction deliveries outpaced occupancy growth.
Negative net absorption totaled 3.8 million sq. ft. in Q3 2023, bringing total year-to-date net absorption to 18.3 million sq. ft.