Southeast United States Industrial Overview - Year-End 2024

- Absorption moderated across most markets in 2024 totaling 45.6M square feet, down 31.2% from the 2023 total of 66.4M square feet.

- Construction deliveries continued to moderate in the second half of 2024, as ground-breakings trended downward. This is a result of 144.7M square feet of vacant inventory being delivered, causing first-generation space to account for the largest amount of  square footage on the market.

- Of the leased square footage, renewals accounted for 41.9%, which is expected to remain elevated as 5-year leases signed during the pandemic reach expiration in 2025.