After Driving Up Vacancy Rate, Record Wave of U.S. Industrial Development Begins to Recede
In 2022 and 2023, developers completed more than 1.5 billion square feet of U.S. industrial projects, a tally equivalent to adding all the existing industrial space in metropolitan Chicago! This was the largest expansion of the U.S. industrial supply over two years in more than half a century. And with most of the developments completing…