Midwest Industrial Big Box - H1 2023

Despite widespread macroeconomic concerns, Midwest U.S. big-box industrial facilities of 200,000 sq. ft. maintained low vacancy, unprecedented rent growth and significant new construction was completed in the first half of 2023.

The impressive fundamentals were not limited to the traditional major markets – Midwest big-box industrial facilities recorded an impressive 5.7% average market growth in 2022. The market continued to grow in 2023 despite a decline in new construction starts.

First-year base rents rose by 8.7% in the first half of 2023 in the Midwest U.S. region.