Industrial Vacancy Rates – Small Buildings vs. Large Buildings

On the surface, industrial vacancy rates are up +/-200 bps, broadly, since lows in 2022. 

However, there is a growing dichotomy between the availability of small and large buildings. New construction deliveries, mostly larger buildings, are causing vacancy rates to grow. Yet, smaller industrial property availability remains tight. 

This graph shows the gap between availability rates is currently the largest in the past 20+ years.