INDUSTRIAL – Key Metrics
INDUSTRIAL RENT
$7.00
$6.00
$6.56
$5.00
$3.91
$5.67
$4.00
$3.00
$2.00
$1.00
$0.00
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
Net absorption rates have trended positive since Q1 2020, however dropped to negative 427,601 square-feet in Q1 2024. That compares to the same period the previous year when the industrial market saw a positive 450,602 square-foot absorption. Industrial rents grew nearly 16% from $5.67 per square-foot in Q1 2023 to $6.56 per square-foot in Q1 2024. Rents have grown 68% since Q1 2019 when they were $3.91 per square-foot.
INDUSTRIAL SPACE UNDER CONSTRUCTION
3.0M
2,676,356 sq/ft
2.5M
2.0M
1.5M
1,119,269 sq/ft
1.0M
500K
349,700 sq/ft
0
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
Industrial space under construction peaked in Q4 2021 with 2.7 million square-feet in the pipeline. Since then, the industrial pipeline has continued to be whittled down, shrinking 69% from approximately 1.1 million square feet in Q1 2023 to nearly 350,000 square feet in Q1 2024.
07
STATE OF DEVELOPMENT – DIVING DEEPER
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