Q4 Triad Industrial MarketView

Highlights: 

- 497,000 sq. ft. of positive net absorption occurred in Q4 2023, which marks 19 consecutive quarters of positive absorption for the Triad.

- 3.2 million sq. ft. of construction is currently underway. Q4 deliveries totaled 1.47 million sq. ft., while 404,000 sq. ft. started construction. 

- Projects totaling 6.3 million sq. ft. were delivered in 2023. 

- The average asking rate rose marginally by 0.6% quarter-over-quarter to $6.61 sq. ft., signaling a new cyclical high.

- Vacancy rose 144 basis points quarter-over-quarter to end Q4 at 6.6%, which marks the highest level since Q3 2018.