Colliers said there was an uptick in new completions.
Industrial assets’ occupancy rate declined 0.3% in the fourth quarter of 2022 due to newly completed projects, Colliers said.
This chart showed that net demand came in at just 2.89 mil sf.
The new supply exceeded new demand, with new supply coming in at 5.24 mil sf.
For the full year 2022, total supply surpassed total demand.
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