Average rent per square foot paid for industrial space U.S. Q3 2019, by type

Special purpose industrial space commanded a higher rent per square foot than warehouse or manufacturing space in the United States in the third quarter of 2019. The average rent for special purpose industrial space was 9.49 U.S. dollars per square foot in that quarter. Special purpose real estate is real estate only suitable for one type of use, e.g. churches, amusement parks, self-storage facilities. It is usually limited in supply, which only increases its demand.

Office real estate is pricier

However, industrial real estate is far from being the most expensive commercial property type. For instance, average rental rates in major U.S. metros for office space are much higher than those for industrial space. This is most likely because office units are generally located in urban areas where there is limited space and thus higher demand, whereas industrial units are more suited to the outskirts of such urban areas. Industrial units, such as warehouses or factories, require much more space because they need to house large, heavy equipment or serve as a storage unit for future shipments.

Big-box distribution space is gaining in importance

Warehouses and distribution may currently command the lowest average rent per square foot among industrial space types, but this looks set to change in the future. The taking rent is trending upwards in North America and the share of available distribution centers which are unoccupied is falling. More and more big-box distribution space inventory is coming onto the market every year, which indicates that demand for it is increasing.

Average rent per square foot paid for industrial space in the United States in 3rd quarter 2019, by type

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Source

Release date

November 2019

Region

United States

Survey time period

Q3 2019

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Statistics on "Commercial property in the U.S."

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