Industrial Rents Hit Record High in Q1

The industrial sector kicked off the year with surging demand outpacing supply for the first time since the first quarter of 2019 and record-high rents hovering at $6.90 per square foot nationally, according to a new report by Cushman & Wakefield. 

The first quarter of 2021 showed market absorption of 82.3 million square feet (msf), the most space ever absorbed in a first quarter of any year reported by Cushman & Wakefield and a number that’s up 78.2% over the 46.2 msf reported in the same period last year.  Warehouse and distribution space was the strongest secondary property type with 77.9 msf of net absorption, according to C&W data, with manufacturing and high-tech space also ending the quarter strong.