GDP GROWTH: Third-quarter gross domestic product expanded at a 33.1% annualized rate, the most ever recorded, increasing 7.4% from the previous quarter and recovering roughly two thirds of the losses from earlier in the pandemic. The latest Commerce Department estimate of GDP, the measure of the total goods and services produced, was slightly better than expected as lockdowns ended and consumers resumed spending in Q3, boosted by $2.35 trillion in direct federal relief. Nevertheless,…
2020 Q3 North America Market Report
INDUSTRIAL OVERVIEW: A sharp increase in online shopping that was brought on by the pandemic has heightened third-quarter demand for industrial space. But net absorption year to date, 104.5 million SF, is 23.2% less than a year ago and the least growth through the first three quarters since 2012. Third-quarter net absorption totaled 51.9 million. The overall vacancy rate for the quarter settled at 5.7%, a 20-basis point increase this year. There were approximately 67…