{"id":3013,"date":"2024-04-12T07:33:33","date_gmt":"2024-04-12T07:33:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3013"},"modified":"2025-11-12T12:01:16","modified_gmt":"2025-11-12T12:01:16","slug":"industrial-property-prices-weather-market-challenges","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/industrial-property-prices-weather-market-challenges\/","title":{"rendered":"Property Prices Hold Steady Amid Industrial Market Stabilization"},"content":{"rendered":"<p>Despite a downturn in industrial sales volume attributed to higher interest rates, tightened capital markets and a shift toward normalizing demand, the industrial property market hasn\u2019t seen any significant discounts. Even with sales figures experiencing a dip in recent quarters, the average sale price of industrial properties continues to rise with a 9.6% quarter-over-quarter increase and a 2.0% year-over-year uptick.<\/p>\n<p>In fact, according to the <a href=\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report\/\" target=\"_blank\" rel=\"noopener\">latest U.S. industrial market report<\/a> from CommercialCafe, nationwide industrial sales reached $5.7 billion in the initial two months of 2024 with properties trading at an average of $132 per square foot.<\/p>\n<h2>LA Leads Early 2024 Industrial Sales<\/h2>\n<p><a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a> led the pack in industrial sales volume for the first two months of 2024 by closing deals totaling $435 million. Notably, a significant portion (nearly $200 million) stemmed from a single acquisition \u2014 CenterPoint Properties\u2019 purchase of four facilities in Los Angeles\u2019 South Bay submarket at the end of February.<\/p>\n<p>Following closely behind was <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicago<\/a>, which recorded $373 million in industrial sales in February. Meanwhile, the <strong>Bay Area<\/strong> captured the third spot with a deal volume of $321 million.<\/p>\n<p>Likewise, significant activity also extended to other key markets across the country, as well: <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/tx\/dallas\/\" target=\"_blank\" rel=\"noopener\">Dallas-Fort Worth<\/a> secured the fourth position with $318 million in sales, followed by <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a> at $298 million. <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/co\/denver\/\">Denver<\/a> also witnessed notable sales of $240 million.<\/p>\n<p>Beyond the top performers, the latest industrial property report revealed several other major markets surpassing the $100 million threshold in sales. Namely, <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/tx\/houston\/\" target=\"_blank\" rel=\"noopener\">Houston<\/a>, Texas, reached $220 million in industrial sales through February, followed by <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/wa\/seattle\/\">Seattle<\/a> at $176 million. And, on the East Coast, <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/nj\/\" target=\"_blank\" rel=\"noopener\">New Jersey<\/a> emerged as the leader in the Northeast with transactions totaling $171 million.<\/p>\n<p>Atlanta also recorded significant activity with deals worth $168 million. Not to be outdone, <strong>Inland Empire, Calif.,<\/strong> ($143 million) and <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/oh\/\" target=\"_blank\" rel=\"noopener\">Columbus<\/a>, Ohio, ($123 million) followed closely behind. Finally, <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">Boston<\/a> closed out the list with notable sales of $107 million in the first two months of 2024.<\/p>\n<h2>Western Markets Dominate Average Sale Prices<\/h2>\n<p>Western industrial markets topped the charts in terms of average sale prices for the first two months of 2024 with Los Angeles leading the way at $320 per square foot. Clearly, this high price reflects continued investor interest, despite a recent slowdown in price appreciation. For example, Los Angeles\u2019 average sale price jumped 44.7% between 2019 and 2021, rising from $190 to $294 per square foot. And, while the growth has moderated, a recent increase of 8.9% brought the average to $320 per square foot in 2024.<\/p>\n<p>Following Los Angeles, the other strong performers on the West Coast were the Bay Area at $274 per square foot and<a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener\"> Seattle<\/a> at $256 per square foot, in second and third places, respectively.<\/p>\n<p>Moving eastward, New Jersey emerged as the leader in the Northeast with an average price of $249 per square foot, followed by Boston at $234. Then, in the South, <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/tn\/nashville\/\" target=\"_blank\" rel=\"noopener\">Nashville<\/a>, Tenn., took the top spot at $197 per square foot.<\/p>\n<p>Nationally, the average sale price stood at $174 per square foot. Several other markets met or approached this benchmark, including <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/or\/portland\/\" target=\"_blank\" rel=\"noopener\">Portland,<\/a> Ore. ($174); Inland Empire, Calif. ($170); Phoenix ($168); and Dallas ($165). Notably, the <strong>Twin Cities<\/strong> was the only Midwestern market to break the $100 barrier, averaging $123 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite a downturn in industrial sales volume attributed to higher interest rates, tightened capital markets and a shift toward normalizing demand, the industrial property market hasn\u2019t seen any significant discounts. Even with sales figures experiencing a dip in recent quarters, the average sale price of industrial properties continues to rise with a 9.6% quarter-over-quarter increase and a 2.0% year-over-year uptick. In fact, according to the latest U.S. industrial market report from CommercialCafe, nationwide industrial sales reached $5.7 billion in the initial two months of 2024 with properties trading at an average of $132 per square foot. LA Leads Early 2024&#8230;<\/p>\n","protected":false},"author":3163,"featured_media":3014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2,4],"tags":[],"class_list":["post-3013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-reports","category-industrial-real-estate-news","category-industrial-real-estate-reports"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Industrial Sales Report - Industrial Property Prices Hold Steady<\/title>\n<meta name=\"description\" content=\"The average price per square foot for industrial property has increased by 9.6% in the last quarter and 2% compared to last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/blog\/industrial-property-prices-weather-market-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial Sales Report - Industrial Property Prices Hold Steady\" \/>\n<meta property=\"og:description\" content=\"The average price per square foot for industrial property has increased by 9.6% in the last quarter and 2% compared to last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/blog\/industrial-property-prices-weather-market-challenges\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialSearch\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T07:33:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-12T12:01:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/04\/Los-Angeles-Industrial.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthew Preston\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Preston\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/industrial-property-prices-weather-market-challenges\/\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/industrial-property-prices-weather-market-challenges\/\",\"name\":\"Industrial Sales Report - 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