Figures

Northeast US Industrial Figures Report Q3 2024

October 18, 2024 10 Minute Read

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‒ Northeast U.S. industrial & logistics (I&L) average asking rents increased 3.3% quarter-over-quarter and 6.3% year-over-year to $15.74 per-sq.-ft.

‒ The vacancy rate rose 20 basis points (bps) quarter-over-quarter to 6.4% as construction deliveries continued to bring unleased space to the market.

‒ Construction completions brought 12.8 million sq. ft. of new space to the market in Q3 2024, pushing 2024 YTD construction completions to 32.4 million sq. ft.

‒ Construction starts slowed considerably quarter-over-quarter, with just 5.9 million sq. ft. breaking ground.

‒ Leasing activity totaled 17 million sq. ft. in Q3 2024, up 13.3% from the previous quarter and 33.9% compared to Q3 2023.

‒ Third-party logistics companies continued to dominate leasing activity, from an industry perspective, while demand from retail/wholesale remained muted compared to pandemic-era levels. Notably, leasing from the “Other” category rose significantly this quarter, pointing toward more diverse demand drivers.