St. George Industrial Figures H1 2025

St. George’s industrial market experienced strong growth over the last few years. The amount of industrial space under construction represented 8.0% of the market's total inventory.

While national headwinds may be slowing construction elsewhere, the market's pipeline remained strong with 161,064 sq. ft. delivered year-to-date and 705,917 sq. ft. under construction as of Q2 2025. 

The St. George industrial market recorded a vacancy rate of 4.7% in Q2 2025, a significant increase from 1.8% one year ago. Rapid growth in the market added to the vacancy, while at the same time provided relief to a historically tight market. 

The market's average asking rent in Q2 2025 was $0.91 per sq. ft. per month NNN. While this represented a 1.7% increase year-over-year, the rate of rent growth had been steadily moderating since peaking at an 8.0% increase in Q3 2022 over the prior year.