GDP GROWTH: The nation’s gross domestic product grew at an annual rate of 2.6% in the third quarter, a reversal from six previous months of decline. Although the Commerce Department data was better than forecast there are expectations the economy will weaken under the strain of high inflation and rising interest rates. There were third-quarter gains in exports, consumer spending, nonresidential fixed investment and local, state and federal government spending. These increases were partly offset…
2022 Q3 North America Market Report
INDUSTRIAL OVERVIEW: HIGH RENT, LOW VACANCY EVERYWHERE North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4%, up 10 basis points from Q2. Average rents increased 11.4% year over year with gains of 19% in Miami, 18.7% in Southern California’s Inland Empire, 16% in Phoenix and 14.6% in Atlanta. In…