Industrial markets continue to improve
According to the most recent CoStar report, the national industrial market continues to recover and, in some areas, is showing record increases in rental rates. The average lease rate in the country is now $4.75 per square foot, net, net, net. A 2.1% increase over last year. 142 of 210 markets experienced rental increases over the last quarter. Parts of California, Florida, New Jersey, Oregon and Texas had increases of over 5%! Average vacancy rate…8.5%.
Not all markets are created equal of course, but it’s nice to see these impressive numbers in a traditionally staid sector.
See attached CoStar report: CoStar Industrial Report