So far this year, stabilization has been the word for industrial real estate. Considerable reshoring tailwinds are contributing to a surge in manufacturing development. And as more domestic manufacturing facilities near completion in key markets, secondary development from support operations is sure to follow.
To capture the current trajectory of this sector, CommercialEdge and Yardi Matrix ranked the country’s top industrial markets in Q3 2024 after analyzing them based on key indicators — vacancy rates, development pipelines, rental trends, loan maturities, and search activity.
Here are some of the key highlights:
Charlotte placed 2nd among industrial markets in Q3, totaling 65.5 points out of 100, continuing to reap the benefits of the e-commerce boom as an emerging logistical center.
- The market has the 2nd-lowest vacancy out of all markets included in the study at 4.1%.
- Charlotte had the 2nd-highest year-over-year increase in average asking rent for industrial space.
- Charlotte delivered 2.7 million square feet of industrial space in this year’s third quarter, placing 4th for this metric.
- The market has 6 million square feet of industrial space currently underway — equivalent to 1.83% of its current inventory – which places it 8th on the list for this metric.
Here are the top 10 Markets in the US:
| 1 | Phoenix | 70.1 | $8.3 | $9.1 | 9.2% | 5.2% | 5.6% | 0.40 | 369,133,770 | 375,141,972 | 6,008,202 | 1.6% | 32,612,667 | 8.7% | $14,266,516,915 | 1,706,115,919 | 12.0% | 157 | 164 | 0.0% | 430 | 510.0% | 19.00% | 900 | 850 | −6.0% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | Charlotte | 65.5 | $6.1 | $7.0 | 14.3% | 3.8% | 4.1% | 0.30 | 325,247,646 | 327,994,455 | 2,746,809 | 0.8% | 5,991,448 | 1.8% | $5,474,846,578 | 318,096,667 | 5.8% | 99 | 88 | −0.1% | 410 | 470.0% | 15.00% | 890 | 970 | 9.0% |
| 3 | Miami | 61.9 | $10.5 | $11.9 | 12.8% | 4.6% | 4.8% | 0.20 | 178,127,516 | 180,005,873 | 1,878,357 | 1.1% | 5,702,225 | 3.2% | $7,115,028,531 | 125,240,917 | 1.8% | 243 | 222 | −0.1% | 2,160 | 1860.0% | −14.00% | 7,360 | 4,400 | −40.0% |
| 4 | Columbus | 51.9 | $4.6 | $5.0 | 8.7% | 3.7% | 5.1% | 1.40 | 312,986,531 | 315,158,356 | 2,171,825 | 0.7% | 8,584,103 | 2.7% | $5,096,978,948 | 335,476,042 | 6.6% | 81 | 78 | −0.0% | 80 | 80.0% | 0.00% | 780 | 940 | 21.0% |
| 5 | Atlanta | 51.4 | $5.5 | $6.0 | 8.7% | 5.7% | 6.1% | 0.40 | 570,989,185 | 573,746,363 | 2,757,178 | 0.5% | 8,740,090 | 1.5% | $12,120,328,591 | 341,714,744 | 2.8% | 108 | 115 | 0.1% | 1,180 | 1040.0% | −12.00% | 1,590 | 1,770 | 11.0% |
| 6 | Bridgeport | 48.3 | $8.7 | $9.3 | 8.0% | 3.5% | 3.8% | 0.30 | 215,574,108 | 215,574,108 | 0 | 0.0% | 469,150 | 0.2% | $2,754,459,738 | 74,586,382 | 2.7% | 84 | 75 | −0.1% | 30 | 30.0% | 0.00% | 350 | 400 | 14.0% |
| 7 | Inland Empire | 47.9 | $9.2 | $10.7 | 16.0% | 6.4% | 7.3% | 0.90 | 664,411,455 | 665,537,531 | 1,126,076 | 0.2% | 10,171,953 | 1.5% | $19,532,576,420 | 1,659,590,553 | 8.5% | 255 | 255 | 0.0% | 320 | 450.0% | 41.00% | 7,660 | 6,550 | −14.0% |
| 8 | Dallas – Fort Worth | 47.3 | $5.6 | $6.1 | 8.5% | 6.5% | 7.5% | 1.00 | 976,719,576 | 981,384,700 | 4,665,124 | 0.5% | 16,960,434 | 1.7% | $18,922,138,502 | 1,136,714,012 | 6.0% | 109 | 123 | 0.1% | 980 | 1090.0% | 11.00% | 4,080 | 3,860 | −5.0% |
| 9 | Detroit | 46.4 | $6.7 | $6.9 | 3.6% | 4.1% | 4.6% | 0.50 | 594,099,280 | 596,441,038 | 2,341,758 | 0.4% | 7,196,187 | 1.2% | $7,459,460,705 | 354,579,339 | 4.8% | 82 | 52 | −0.4% | 80 | 110.0% | 38.00% | 670 | 810 | 21.0% |
| 10 | Orange County | 45.9 | $14.2 | $15.7 | 10.9% | 4.9% | 5.3% | 0.40 | 195,387,412 | 195,387,412 | 0 | 0.0% | 780,206 | 0.4% | $6,765,208,133 | 343,091,264 | 5.1% | 301 | 304 | 0.0% | 420 | 510.0% | 21.00% | 7,660 | 6,550 | −14.0% |
