2024 continues to stand out as a year of normalization in industrial real estate. The first half of the year saw more completions than new starts, resulting in a shrinking pipeline across most industrial markets. Meanwhile, the role of manufacturing continues to increase within the industry, and H2 2024 promises to boost the U.S.’ manufacturing outlook with a wave of large deliveries.
In CommercialSearch’s Mid-Year Industrial Report, some of the key takeaways include:
- The Charlotte industrial pipeline currently encompasses 9.1 million square feet, representing 2.8% of the market’s current stock.
- Overall, the industrial supply under construction nationally dropped 19% in the first half of the year, from 463 million square feet in January to 376 million at the end of June.
- Phoenix remains the market with the most new industrial space underway, with 39.1 million square feet under construction.
- The largest industrial property slated for completion in the second half of 2024 is Hyundai’s 16-million-square-foot plant near Savannah, Georgia.
