Find out in our Five Fast Facts below or download the report.
- New Leasing Moderates, Still Above Pre-Pandemic Levels:
New leasing totaled 17.2 msf through mid-2023, down 32.8% YOY. The 8.9 msf leased during Q2 2023 is 7.0% up from last quarter. This represents an increase over the pre-pandemic quarterly average of 8.4 msf.
- Manufacturing Jobs Increases:
Industrial-using employment was led by the manufacturing sector, which added 1,700 jobs between January through May 2023.
- Available Sublease Space Increases:
Available sublease space increased 83.5% YOY to 5.4 msf, of which 1.1 msf is vacant. These subleases have been smaller in nature, with a current average size of 72,000 sf.
- Transportation and Warehousing Users Dominate New Leasing:
Users within the transportation and warehousing industry accounted for 40.6% of new leasing. Notable users who leased space include TAGG Logistics (795,954 sf) and Saddle Creek Logistics (712,380 sf).
- Speculative Construction Rises:
Speculative construction remains elevated across the market, totaling 23.4 msf, which represents an increase of 9.1% YOY. Of this product, 13.8% is preleased.