Industrial Property Vacancy Increases, Consultant Says
Robust construction has produced an increase in vacancy for larger industrial buildings, according to a new market analysis from Grubb & Ellis Company.
Robust construction has produced an increase in vacancy for larger industrial buildings, according to a new market analysis from Grubb & Ellis Company.
According to the analysis, there is 110 million square feet of industrial space under construction at the end of the first quarter, with new construction making up 1.1 percent of the total inventory.
That marks the highest ratio in four years, according to Grubb & Ellis. Buildings in the range of 750,000 to 999,999 square feet made up the highest part of the ratio, according to the company.
Vacancy remains below the national average for industrial buildings however, with the industrial vacancy rate at 5.6 percent, compared to the 8 percent national average.
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