The national vacancy rate contracted to 4.7%, as sustained demand for industrial space continues to tighten vacancies across the U.S.
More than $8B in office sales were recorded in May nationally, raising the number of cities with more than $1B in office sales from 10 to 14.
The national industrial sales price reached $135 PSF for a $19 billion year-to-date total, despite slower sales activity than in 2021.
Growing investor interest has pushed Austin’s to over 10MSF of under construction office space, the highest figure nationwide.
Southern California continues to heat up under e-commerce pressure, major investor interest, land constraints and ever-tightening vacancy rates.
Nationally, $18.9 billion in office sales were recorded in the first quarter of 2022, with over $7.5 billion signed in just six top markets.
Despite the burgeoning U.S. development pipeline, rents and listing rates remain on a steady upward trajectory.
Office rents and vacancies remained stable through February as the construction pipeline continued to contract.
Demand for southeastern port markets is on the rise as industrial rents continue a five-quarter upward trend.
Office construction pipeline declines, while medical office buildings continue to attract increasing amounts of investor attention.