IWLA Partner Member Jones Lang LaSalle (JLL) recently released their Q1 Industrial Report as well as insights on market trends for the remainder of 2024. The report highlights that industrial fundamentals continued to normalize to their pre-pandemic figures in the first quarter of 2024. Q1 marked the sixth consecutive quarter of declining absorption which started 2024 with 27.9 million sqf absorbed. Despite stagnant absorption, leasing activity increased 30.2 percent quarter over quarter with 137.6 million sqf of leasing activity.

 

As anticipated, the slowdown in pre-leasing and overall leasing, coupled with higher-than-average deliveries caused the vacancy rate to continue to inch up to 6.1 percent, an increase of 40 basis points quarter-over-quarter. The availability rate also increased by the same amount quarter-over-quarter to 9.1 percent. New deliveries were down nearly 35 percent from the previous quarter with 109.3 million sqf of new product coming online. Read the full report here.