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Hubbell releases first-quarter industrial report

CBRE|Hubbell Commercial recently released its 2022 first-quarter industrial report. Highlights include:

• The vacancy rate for flexible space is 4%, warehouse and distribution space 2.5%, and manufacturing 2%.
• More than 3.1 million square feet of industrial space is under construction in the Des Moines area.
• Increases in land and construction costs are pushing lease rates higher. In the fourth quarter of 2021, warehouse and distribution space leased for an average of $5.43 a square foot. In the first quarter of 2022, the average lease rate is $5.71, a 5% increase.

Read the report.

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