The U.S. industrial sector can’t seem to shake the effects of the pandemic-era wave of warehouse development.
Speculative development accounted for 71% of the 73M SF of industrial space that delivered in the first quarter, according to Cushman & Wakefield. The 45M SF of spec space was the lowest share of development completions since 2023, but the space all came online vacant, nudging vacancy up 30 basis points to 7%.