2023 Midyear Industrial Average Asking Lease Rate

Joe Mehling – Director of Marketing

The average asking rental rate for the overall market climbed to $5.58 per square foot in the first half of 2023 under the influence of the newly constructed supply that has entered the market in the form of spec buildings.

The average asking rental rate for Class A buildings reached $7.35 per square foot, better reflecting the rate at which deals are being made in these newer buildings, be they build-to-suit or spec buildings.