Industrial sales volume so far this year has already surpassed 2020's year-end total, with $51.2 billion in deals closed through October. 

The average sale price of industrial assets is now at $110 per square foot, a 25% increase over 2020 figures, according to new research from CommercialEdge. That average price has also increased every quarter so far this year, from $96 psf in Q1 to $108 in Q2 and $120 in Q3.

"An increasing number of investors are chasing industrial assets, driving up prices for commercial real estate's hottest asset class," the report notes. In addition, average sale prices have ticked up in nearly every major city tracked by the firm, with the largest increase in Detroit  (from $39 per foot in 2020 to $69 per foot this year, a 84% increase), Nashville ($73 to $109, an increase of 50%), New Jersey ($133 to $199, a 49% increase) and Denver ($119 to $172, an increase of 45%).