The third quarter delivered the highest level of industrial inventory on record to date at 171.8 million square feet with the South continuing to outpace the rest of the US, accounting for 47% of the year-to-date deliveries, according to a new report from Cushman & Wakefield.

This "expectedly" pushed the overall vacancy rate up 70 bps to 4.7%, according to the report. The completions represented an 18.7% uptick quarter-over-quarter (QOQ) and a 10.4% increase compared to the previous record set in Q3 2022.

Since the start of the year, more than 451 million square feet of new deliveries have been completed across the nation – 23.5% higher compared to this time last year.

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