CommercialSearch just released its latest mid-year industrial development report.
At the close of the first half of 2024, the U.S. had 375.7 million square feet of industrial space under construction. Notably, the amount under construction nationally has dropped by almost 19% compared to the start of the year, when 463 million square feet were under construction, and by 45% compared to January 2023.
Using CommercialEdge data on industrial property completions and assets under construction, the report looks at the markets with the largest industrial real estate pipelines as of July 2024, the largest properties scheduled for completion in the second half of the year, and the largest properties built so far in 2024.
The Denver market remained steady in its position since the start of the year, recording the 13th-largest industrial inventory under construction at the end of June.
- Denver’s industrial pipeline currently encompasses 8.18 million square feet of space, up from the 8.13 million square feet in January 2024.
- The current projects under development in Denver will expand the market’s inventory by 3%, recording the 14th-largest industrial expansion among the markets on the list.
At the national level:
- Topping the list of most new industrial supply nationally was Phoenix, with 39 million square feet of industrial space under construction.
- The Savannah market is set to register the largest industrial expansion, with a projected increase of 18.8% compared to the current inventory once completed.
Find more details and our complete methodology here: https://www.commercialsearch.com/blog/mid-year-industrial-development-report/
