Sublease space is on the rise for the industrial sector, including some inventory that's been listed in facilities still under construction.

In addition, an elevated number of spaces greater than 200,000 square feet have been added to the market in recent months, according to Colliers research. The firm's Amanda Ortiz notes in a new research brief that the amount of available sublease space has risen by nearly 46% since the start of 2022 and is expected to continue to increase this year as occupiers continue to reevaluate space needs.

"Occupiers may have overestimated the amount of space needed to satisfy a just-in-case inventory strategy," Ortiz says. "Inventory control is beginning to backpedal to fewer days in the warehouse, which could impact industrial demand. As a result, the just-in-case strategy will remain an industrial driver, but companies will utilize less space than previously expected. The excess of space leased during the pandemic seems no longer necessary for some occupiers.