May 19, 2025 | Nearly 4 billion sf of industrial space has been delivered since 2015, representing close to 25% of the total industrial inventory in the United States. However, with recent construction starts falling to 10-year lows, forecasters are projecting fewer deliveries going forward.1 JLL reports that the development pipeline fell by 30% YoY in 1Q25 to 253 million sf, its lowest level since 2015, and Colliers reports that 65 million sf of industrial supply was delivered in the first quarter, the lowest quarterly total since 1Q19.2 Colliers also reports that the vacancy rate increased by 14 bps to 7.1% in 1Q25. Although the vacancy rate increased during the quarter, the pace of vacancy growth slowed. Prior to 1Q25, vacancy had grown by at least 30 bps for six consecutive quarters.

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Research contact:
Debo Ayeni

Research sponsored by ABR Capital Partners