North American Industrial Property - statistics & facts

In the wake of the coronavirus (COVID-19) pandemic in 2020 commercial real estate saw delinquency rates soar, while investment and leasing activity fell. In this unprecedented period, industrial real estate market fundamentals remained stable, proving industrial to be one of the most resilient real estate asset classes. Industrial property is a type of commercial real estate that ranges from small lightly zoned buildings—commonly referred to as "flex" properties—to larger office/warehouse properties, to the enormously large "big-box" industrial properties; typically retail establishments such as megastores and supercenters.

The industrial property market has been booming in recent years

With the coronavirus crisis accelerating the growth of eCommerce, there is a strong demand for big-box industrial properties, which are usually used as distribution centers. In North America as a whole, there roughly 6,000 big-box distribution centers in 2021 with a vacancy rate of around 5.3 percent, and existing space amounting to about 2.8 trillion square feet. The annual taking rent per square foot of big-box distribution space in North America stood at approximately 6.14 U.S. dollars in 2021.

Focus on key North American industrial property markets

Absorption rate is the net change in occupied space over a given period of time and is an easy way to measure leasing activity. Greater Los Angeles, CA and Dallas-Fortworth, Texas, are two of the leading industrial real estate leasing markets in the U.S. with net absorption rate 27 and 23 million square feet, respectively in the second quarter of 2021. Looking at the proportion of net absorption to the existing inventory, Savannah, GA, Charleston, SC, and Central Valley, CA, were among the fastest growing markets in 2021. The Greater Toronto Area is home to one of the largest big-box market in North America. The number of big-box buildings in Toronto reached 649 in 2021.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, May 4, 2023

Key insights

Annual average asking rent per sf for industrial property in Los Angeles, CA
20.13USD
U.S. industrial vacancy rate
4.1%
Fastest growing industrial rental market U.S.
Savannah, GA
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Editor’s Picks Current statistics on this topic

Average rent per square foot paid for industrial space in the United States from 4th quarter 2020 to 4th quarter 2022, by type

Industrial

Average rent per square foot paid for industrial space U.S. 2020-2022, by type

Total industrial real estate in the United States in the fourth quarter of 2022, by type (in million square feet)

Logistics

Total industrial real estate stock in the U.S. 2022, by type

Industrial property vacancy rates in the United States from 2nd quarter 2019 to 2nd quarter 2022

Industrial

Industrial property vacancy rate in the U.S. 2019-2022

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