Nationally, there have been $51.2 billion of industrial sales this year through October, with 2021 already surpassing last year's sales volume with two months left in the year, according to CommercialEdge. The average sale price of industrial assets has climbed all year and now sits at $110 per square foot, CommercialEdge says, an increase of 25% over 2020. Some markets, of course, have performed better than others. Of the major markets, CommercialEdge reports that the largest increase can be found in Detroit (from $39 per foot in 2020 to $69 per foot this year, an increase of 84%), Nashville ($73 to $109, 50%), New Jersey ($133 to $199, 49%) and Denver ($119 to $172, 45%). Or another way to parse this data, industrial buildings have averaged more than $200 per foot in four markets in 2021: Orange County ($294), the Bay Area ($223), Los Angeles ($221) and Seattle ($204). In our slideshow we take a look at the markets that are performing better than the national average of $110 per square foot. The data is based on CommercialEdge's recent quarterly report on the industrial sector.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
