Submarket Snapshot_4Q2023_Industrial_Interactive

INDUSTRIAL 4Q23 SUBMARKET SNAPSHOT NORTH CENTRAL

NORTH CENTRAL MARKET

4Q 2023

3Q 2023

4Q 2022

Inventory (SF)

59,652,910

59,652,910

59,652,910

Under Construction (SF)

645,676

1,415,460

1,411,397

Direct Vacancy (all product types)

4.4%

3.4%

3.4%

Direct Vacancy – Warehouse/Distribution

3.6%

3.4%

5.0%

Direct Vacancy – Flex

6.6%

7.9%

6.1%

Sublease Availability

239,531

433,125

396,705

Avg. Direct NNN Asking Rate (all product types)

$10.10

$11.06

$11.36

Avg. Direct NNN Asking Rate – Warehouse/Distribution

$9.48

$10.67

$11.00

Avg. Direct NNN Asking Rate – Flex

$13.82

$13.72

$13.61

Net Absorption – Current Qtr. (SF)

-105,908

-55,123

273,236

Net Absorption – YTD (SF)

813,425

508,533

614,441

Leasing Activity – Current Qtr. (SF)

320,180

212,333

288,576

Leasing Activity – YTD (SF)

1,940,817

1,691,082

1,478,749

RENTAL RATE VS. VACANCY RATE

LEASING ACTIVITY VS. ABSORPTION

(400,000) (200,000) - 200,000 400,000 600,000 800,000 1,000,000

$8.00 $9.00 $10.00 $11.00 $12.00

3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0%

Direct Gross Rental Rate

Overall Rental Rate (NNN)

Leasing Activity Net Absorption

Direct Vacancy

Overall Vacancy