It was a record third quarter for the U.S. industrial market by just about every key metric.
Vacancy fell to an all-time low of 4.1 percent on the back of a record 140 million square feet of net absorption, according to the Business Journals. Average rents reached an all-time high of $7.18 per square foot.
Developers are also setting records: The 521.4 million square feet of space under construction in the quarter was the most ever. Around 340 million square feet is slated for delivery this year.
The industrial market has been on fire for a few years and especially during the pandemic, thanks in large part to demand for logistics space to cater to the growing e-commerce sector.
Some metrics in the first three quarters of 2021, including net absorption, have already surpassed previous yearly totals or are close to doing so.
The 366 million square feet of net…