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Firing On All Cylinders Within the Cincinnati Industrial Market
Unwavering demand continues to spill into 2022, pushing the market to new heights in spite of increasing supply shortages.
The surge in activity that the Cincinnati industrial market
saw in previous quarters, carried over into 2022. New supply was light with only 60,000 square feet of deliveries. Net absorption fell 53% to a positive 3.2 million square feet with vacancy dropping to an all-time low of 3.3% from 4.5%. Strong demand paired with low supply placed downward pressure on vacancy rates.
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Strong Demand Continues to Drive Unprecedented Activity
Sustained demand pushed the market even higher for another record-breaking quarter.
The first quarter of 2022 ended with historically low vacancy,
raising questions as to how low it can go. Strong demand and
market activity resulted in the overall vacancy rate dropping by a
full percentage point to 2.3%. New supply was relatively light again with 870,600 square feet of space being delivered. This was expected as most of the space under construction, currently totaling 11.4 million square feet, is forecasted to be delivered during the second half of the year and into 2023.
Firing On All Cylinders Within the Cincinnati Industrial Market
Unwavering demand continues to spill into 2022, pushing the market to new heights in spite of increasing supply shortages.
The surge in activity that the Cincinnati industrial market
saw in previous quarters, carried over into 2022. New supply was light with only 60,000 square feet of deliveries. Net absorption fell 53% to a positive 3.2 million square feet with vacancy dropping to an all-time low of 3.3% from 4.5%. Strong demand paired with low supply placed downward pressure on vacancy rates.
