The industrial market has been sizzling before and during the COVID-19 pandemic. And if the latest research from CommercialEdge is any indication, this commercial sector isn’t headed for a slowdown anytime soon.
According to CommercialEdge’s September national industrial report, the average rent for industrial space in the United States soared to $6.35 a square foot in August. That’s up 3.8 percent from the same month one year earlier.
CommercialEdge also reported that the summer closed with 500 million square feet of industrial space under construction in the United States and another 509.3 million square feet planned.
And in more good news, the company reported that year-to-date industrial sales as of the end of August totaled $36.6 billion. In August alone, the industrial market added $6.6 billion in sales in this commercial sector.
Much of the industrial boom has been centered in port cities. However, in the Midwest, Cincinnati was a big winner. CommercialEdge reported that average industrial rents rose 3 percent in August in this Midwest city when compared to the same month in 2020.
The Midwest saw some low industrial vacancies, too. Columbus reported an industrial vacancy rate of 2.5 percent in August, while this rate was 2.7 percent in Nashville and Indianapolis.