Amidst the economy’s ongoing flirtation with recession, the U.S. industrial market experienced signs of weakening in the second quarter of 2023. New deliveries amounted to nearly 150 million square feet, significantly surpassing the space absorbed at a ratio of almost 3:1. Consequently, the overall vacancy rate increased by 50 basis points during the quarter, reaching 4.5%. Despite the rise in vacancy, asking rents continued their upward trajectory and crossed the $10 per square foot mark for the first time.
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