Demand for industrial space continues to be strong. While the vacancy rate did increase to 2.4% in Q1, this can be attributed to two newly built properties, which totaled over 140,000 square feet. With over 530,000 square feet of product currently under construction, and approximately 480,000 square feet expected to be completed by year-end, this should help maintain a certain degree of balance in the industrial market.
- Industrial average asking net rental rates increased by 4% quarter-over-quarter and by 17% year-over-year. The current asking rate is $12.42 per square foot and is expected to continue to increase over the course of 2023.