Recent months have seen warehouse construction starts fall sharply. But that's not a reason to worry – only a sign that the market is rebalancing in a healthy way.
"The pause in development expected in 2024 is likely just what the doctor ordered," according to Craig Hurvitz, director of Colliers' national industrial research team, commenting in a blog post.
Mid-2023 saw total space under construction peak at 638 million SF, then fall 17% to 546 million SF in the third quarter, Colliers' data shows. The fourth quarter should see completions peak at 180 million SF – then dive 71% to 53 million SF by 4Q 2024.
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