Industrial Deal Volume Down, Prices High
Year-to-date through September, the national industrial sales volume reached $35.4 billion, with 268.9 million square feet changing hands across 2,513 properties at an average sale price of $133.9 per square foot, according to CommercialEdge data. Prices increased from last year’s average of $125.6 per square foot, while 2023’s total deal volume reached $62.7 billion. These numbers are expected to increase when September’s data becomes available.
The year’s first quarter ended with $13.9 billion in industrial sales—reaching approximately the same volume recorded in 2023’s first quarter. The average price during this year’s first quarter stood at $141.3 per square foot—the highest one so far.
During the second quarter of 2024, industrial deals reached $15.5 billion and assets traded at an average price of $129.7 per square foot. In comparison, the second quarter of 2023 also showed a slight increase in deals, reaching $17.4 billion, while prices averaged at $130.2 per square foot. In the third quarter of 2024, only 49.3 million square feet changed hands for $6 billion, at $126.8 per square foot, showing a significant drop in deals.
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