2023 Year-End Industrial Market Vacancy/Net Absorption

Overall market vacancy increased slightly from mid-year but fell from year-end 2022. Class A vacancy fell both from the rate at the end of 2022 and mid-year 2023 and stands at 6.54%. Vacancy among non-Class A properties stands at 2.82% at year end 2023. Positive net absorption in the second half, at 35,735 square feet, was anemic by recent standards but totaled 442,185 for the entire year.