Analysts released national industrial market report numbers for Q1 2023, unanimously indicating that absorption fell while vacancy rates increased. The twofold causes were declining tenant demand and increased supply.
Lee & Associates’ Q1 2023 Industrial Overview reported a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsidered their inventory levels out of caution over the economic outlook.
The Plante Moran/Cresa U.S. Industrial Real Estate Market Summary Q1 2023 agreed, noting that the current declining numbers followed several quarters of record-breaking performance, further influenced by the record amount of speculative development expected to enter the market this year .
CBRE’s U
