{"id":1004694088,"date":"2025-02-20T04:25:00","date_gmt":"2025-02-20T12:25:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004694088"},"modified":"2025-11-28T08:06:32","modified_gmt":"2025-11-28T16:06:32","slug":"top-markets-for-industrial-transactions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/","title":{"rendered":"Top 10 Markets for Industrial Transactions"},"content":{"rendered":"\n<p>Industrial real estate is preparing to enter a new stage of growth. Following the surge of development recorded in 2022 and 2023, U.S. <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-industrial-real-estate\/\">industrial market trends<\/a> are now shifting to a more tenant-favorable position. Last year, owners and investors have started to focus on extracting value from the vast amount of space available for redevelopment or renovation, leading to an increase in investment volume. The top metros for industrial transactions had a combined $23.3 billion in sales last year, up 12.2 percent since 2023.<\/p>\n\n\n<p><iframe title=\"Top 10 Metros for Industrial Transactions - 2024\" aria-label=\"Table\" id=\"datawrapper-chart-83cd5\" src=\"https:\/\/datawrapper.dwcdn.net\/83cd5\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"571\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-phoenix\">1. Phoenix<\/h2>\n\n\n\n<p>Metro Phoenix recovered last year and retook its spot as one of the most sought-after and fast-growing industrial markets in the U.S. Investors traded $3.2 billion in industrial assets in 2024, up 78.2 percent year-over-year\u2014one of the largest increases on this list. The market\u2019s strength was also reflected in development activity, according to the latest CommercialEdge report.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004722126\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crg-sells-phoenix-facility-for-128m\/the-cubes-bldg-b\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Cubes-Bldg B\" data-image-description=\"&lt;p&gt;The facility at 15301 W. Northern Ave. in Glendale, Ariz.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The building is part of a 335-acre industrial park that will consist of 5.5 million square feet upon completion. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg\" alt=\"Exterior shot of industrial facility at 15301 W. Northern Ave. in Glendale, Ariz.\" class=\"wp-image-1004722126\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Cubes-Bldg-B.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The Cubes at Glendale Building B is part of a 335-acre industrial park that will encompass 5.5 million square feet upon completion. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A total of 205 industrial assets, encompassing 19.4 million square feet changed hands in the metro last year\u201468.3 percent more than 2023's total. Properties traded for an average of $167.1 per square foot in 2024, up by about $10 from the previous year\u2019s figure. Class B assets traded at a premium, recording an average of $182.6 per square foot, while Class A properties clocked in at $156.4 per square foot.<\/p>\n\n\n\n<p>In Phoenix\u2019s largest single-asset industrial sale last year, funds and accounts managed by <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-sells-phoenix-facility-for-128m\/\">BlackRock acquired The Cubes at Glendale<\/a>\u2019s Building B for $128.1 million. CRG sold the 1.2 million-square-foot asset for roughly $106.7 per square foot. Amazon occupies the entire building.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-bay-area\">2. Bay Area<\/h2>\n\n\n\n<p>The Bay Area's investment volume totaled slightly more than $3 billion in 2024, up 31.7 percent year-over-year. The market closed the year as the most expensive on this list, with the average price per square foot clocking in at $410.2, up $99 since 2023.<\/p>\n\n\n\n<p>A total of 7.4 million square feet changed hands last year across 57 properties. This was virtually unchanged from the 64 properties and 7.4 million square feet recorded in 2023. Newly constructed, high-quality facilities are hard to come by in the Bay Area market, making Class A facilities particularly expensive\u2014these traded for an average of $652.5 per square foot last year. More Class B properties changed hands than their high-quality counterparts, for an average of $259.6 per square foot.<\/p>\n\n\n\n<p>The market\u2019s largest transaction was the $79.5 million sale of Frontier Elm Business Center, in Fremont, Calif. Link Logistics completed the 209,916-square-foot asset last year and sold it to KKR. RK Logistics is the sole tenant, occupying the entire building.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-los-angeles\">3. Los Angeles<\/h2>\n\n\n\n<p>Los Angeles rounded out the top three markets for industrial transactions, with investors trading just over $3 billion in 2024. The metro was one of the few on this list where investment volume decreased since 2023, by $360 million. Furthermore, the average price per square foot dipped by roughly $8 year-over-year, to $293.6 for 2024\u2019s sales.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"800\" data-attachment-id=\"1004747436\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004747436\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2501 West Rosecrans Avenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg\" alt=\"Exterior shot of industrial facility at 2501 W. Rosencrans Ave. in Compton, Calif.\" class=\"wp-image-1004747436\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2501-West-Rosecrans-Avenue.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The asset at 2501 W. Rosencrans Ave. previously traded in 2018, when JP Morgan Asset Management acquired it in a portfolio transaction from Sares-Regis Group. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Although <a href=\"https:\/\/www.commercialsearch.com\/news\/cracks-showing-in-port-industrial-markets\/\">port markets cooled off<\/a> last year, demand was still healthy. Investors closed on 10.2 million square feet of industrial space last year in the metro, across 120 assets. This was just a slight decrease from the 11.1 million square feet and 123 properties that changed hands in 2023.<\/p>\n\n\n\n<p>With limited space for new construction, investors heavily favored value-add deals. A total of 6.7 million square feet of Class B industrial space changed hands last year, significantly less than the 2.8 million square feet of Class A.<\/p>\n\n\n\n<p>The largest transaction was the $137.2 million sale of a 298,474-square-foot building at 2501 W. Rosencrans Ave., in Compton, Calif. Rexford Industrial purchased it from JP Morgan Asset Management for $459.7 per square foot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-chicago\">4. Chicago<\/h2>\n\n\n\n<p>Chicago ranked fourth among the top metros for industrial investment, with sales volume reaching just under $2.8 billion last year, 26.8 percent more than in 2023. The average price per square foot ticked up about $3 over the past year, to $92\u2014the only metro on this list with a double-digit figure.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"800\" data-attachment-id=\"1004747446\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004747446\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2545 South Rockwell Street\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg\" alt=\"Exterior shot of industrial facility at 2545 S. Rockwell St. in Chicago, which was acquired by Stream Realty Partners\" class=\"wp-image-1004747446\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/2545-South-Rockwell-Street.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Rockwell Logistics Center is in South Chicago, at 2545 S. Rockwell St. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-market-showed-resilience-in-2024\/\">Chicago\u2019s industrial market<\/a> slowed down last year, but its established position as a major logistics hub means demand remained at healthy levels. The metro recorded the largest amount of industrial space changing hands among the markets on this list\u2014more than 30 million square feet, which was about 5.5 million more than a year prior.<\/p>\n\n\n\n<p>Stream Realty Partners, one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/stream-realty-buys-industrial-portfolio-for-84m\/\">most active investors in Chicago<\/a>, closed on the largest transaction of the year. It purchased the 174,536-square-foot Rockwell Logistics Center for $33.5 million, or $191.9 per square foot. Westcore Properties sold the 2019-built asset.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-new-jersey\">5. New Jersey<\/h2>\n\n\n\n<p>The ports of New York and New Jersey account for more than a third of the trade activity in the North Atlantic, making industrial real estate a very desired asset type among investors. Still, sales volume decreased by about $300 million year-over-year, to just under $2.4 billion in 2024.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"800\" data-attachment-id=\"1004747450\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004747450\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"125 Theodore Conrad Drive\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg\" alt=\"Exterior shot of the industrial property at 125 Theodore Conrad Drive in Jersey City, N.J.\" class=\"wp-image-1004747450\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/125-Theodore-Conrad-Drive.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">New York Daily News is the anchor tenant at 125 Theodore Conrad Drive, using it as its headquarters. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Investors traded 11.2 million square feet of industrial assets, about 1.2 million less than in 2023. A total of 122 single-asset transactions closed last year, 12 more than in 2023, which meant that on average, the buildings had a smaller footprint.<\/p>\n\n\n\n<p>Goodman Group closed on the largest transaction in February 2024. The company paid $92 million for the 446,000-square-foot property at 125 Theodore Conrad Drive in Jersey City, N.J. The seller was the New York Daily News newspaper, which still uses it as its headquarters.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-the-inland-empire\">6. The Inland Empire<\/h2>\n\n\n\n<p>The Inland Empire ranked seventh among the top metros for industrial transactions in 2024. Activity in one of the largest markets in the U.S. has decreased significantly, however\u2014a total of $2.3 billion traded last year, down 46.6 percent since 2023.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004714857\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/transactions-june-2024\/cpe-commerce-way-distribution-center-image-courtesy-of-jll-capital-markets\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L2D-20c&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1707750429&quot;,&quot;copyright&quot;:&quot;\\u00a9 2024 Nextimage3D LLC&quot;,&quot;focal_length&quot;:&quot;12.29&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"CPE Commerce Way Distribution Center Image courtesy of JLL Capital Markets\" data-image-description=\"&lt;p&gt;Commerce Way Distribution Center Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Transactions. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg\" alt=\"Aerial photo of Commerce Way Distribution Center, an industrial property in Fontana, Calif. \" class=\"wp-image-1004714857\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/CPE-Commerce-Way-Distribution-Center-Image-courtesy-of-JLL-Capital-Markets.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption class=\"wp-element-caption\">Manulife Investment Management had acquired Commerce Way Distribution Center in 2011, for $55 million. <em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Investors purchased 74 assets last year, which encompassed some 8.8 million square feet, down to almost half from 2023\u2019s 17.3 million total. The smaller sample size led to the average price per square foot rising to $260.3 for last year\u2019s sales.<\/p>\n\n\n\n<p>By far the largest transaction of the year occurred in April, when <a href=\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-197m-inland-empire-asset\/\">EQT Exeter purchased Commerce Way Distribution Center<\/a> in Fontana, Calif., for $197 million. Manulife Investment Management sold the 819,004-quare-foot asset after it had owned it for more than 10 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-atlanta\">7. Atlanta<\/h2>\n\n\n\n<p>Atlanta investors traded $2.3 billion in industrial properties in 2024, up by $382 million since 2023. Access to major thoroughfares, rail, the growing Port of Savannah and the broader Southeast region make <a href=\"https:\/\/www.commercialsearch.com\/news\/atlantas-industrial-sector-among-the-busiest-in-2024\/\">Georgia\u2019s capital an essential industrial market<\/a>.<\/p>\n\n\n\n<p>A total of 166 assets\u201421.9 million square feet\u2014changed hands last year. The average price per square foot for <a href=\"https:\/\/www.commercialsearch.com\/industrial\/us\/ga\/atlanta\/\">Atlanta industrial space<\/a> was $103.1, $12.8 less than 2023\u2019s figure, when 16.2 million square feet traded. In the largest transaction last year, Cabot Properties acquired two buildings at Victory Landing Logistics Center in Mountain View, Ga., for a combined $49.8 million. OA Development sold the two assets, which measure 220,996 and 146,400 square feet, respectively.<\/p>\n\n\n\n<p>Last year, <a href=\"https:\/\/www.commercialsearch.com\/news\/cabot-properties-closes-largest-fund-at-1-6b\/\">Cabot Properties closed its $1.6 billion investment fund<\/a>, which is focused on high-quality infill industrial properties. The investor is targeting several U.S. markets including Atlanta, Seattle and Chicago, among others.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-minneapolis-st-paul\">8. Minneapolis - St. Paul<\/h2>\n\n\n\n<p>Sales volume in the Twin Cities reached $1.6 billion in 2024\u2014about $600 million more than in 2023. This earned it the eighth spot among the top markets for industrial transactions, as manufacturing and e-commerce growth across the Midwest kept demand high, even as development slowed down since the 2022-2023 surge.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"776\" height=\"581\" data-attachment-id=\"1004737112\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/irg-buys-1-msf-minneapolis-area-industrial-portfolio\/industrial-realty-group-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg\" data-orig-size=\"776,581\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Industrial Realty Group, LLC&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;St. Cloud campus - Aerial View&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Industrial Realty Group&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Industrial Realty Group\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;St. Cloud campus &#8211; Aerial View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg?w=776\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg\" alt=\"Aerial view of a 1 million-square-foot portfolio acquired by IRG in the Twin Cities metro area\" class=\"wp-image-1004737112\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg 776w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Industrial_Realty_Group-e1731505166993.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 776px) 100vw, 776px\" \/><\/a><figcaption class=\"wp-element-caption\">IRG plans to redevelop the eight-building St. Cloud portfolio.&nbsp;<em>Image courtesy of Industrial Realty Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Of the total 14.2 million square feet that changed hands last year, 8 million were in Class A facilities and 6 million were in Class B assets, while the remaining 200,000 square feet were in Class C. The overall average price per square foot was $111.1 for last year\u2019s sales, up by 17.2 percent since 2023.<\/p>\n\n\n\n<p>Several large-scale deals closed last year across the metro. One of the largest was <a href=\"https:\/\/www.commercialsearch.com\/news\/irg-buys-1-msf-minneapolis-area-industrial-portfolio\/\">IRG\u2019s acquisition of a 1 million-square-foot portfolio<\/a> in St Cloud, Minn., from two separate buyers. The new owner plans to redevelop some of the assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-9-denver\">9. Denver<\/h2>\n\n\n\n<p>Metro Denver clocked in at the ninth spot, with $1.5 billion changing hands last year. The market had one of the sharpest year-over-year increases, with the volume growing more than three times since 2023, when $485 million traded.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004698383\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/default-75\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L1D-20c&quot;,&quot;caption&quot;:&quot;default&quot;,&quot;created_timestamp&quot;:&quot;1691142691&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10.26&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;default&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"default\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Peoria Business Center in Denver. Image by Zoom Aerial Photography courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg\" alt=\"Aerial photo of Peoria Business Center, a three-building industrial park in Denver\" class=\"wp-image-1004698383\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Peoria-Business-Center_Denver-CO_Credit-Zoom-Aerial-Photography-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Hyde Development and Mortenson Properties secured a $44 million loan for the acquisition of Peoria Business Center. <em>Image by Zoom Aerial Photography, courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Denver investors acquired 11.2 million square feet across 127 assets last year. This amount of industrial product was also a significant increase from the 3.6 million square feet recorded in 2023. The average price per square foot did not budge much, however, at $138.1 for 2024\u2019s sales.<\/p>\n\n\n\n<p>In January last year, <a href=\"https:\/\/www.commercialsearch.com\/news\/invesco-sells-denver-industrial-campus-for-74m\/\">Hyde Development and Mortenson Properties acquired Peoria Business Center<\/a> for $73.5 million, the largest transaction of 2024. Invesco sold the 592,572-square-foot property. At the time of the sale, the asset was 98 percent leased to 19 tenants.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-10-tampa-fla\">10. Tampa, Fla.<\/h2>\n\n\n\n<p>The Tampa - St. Petersburg - Clearwater metro area rounded out the list of top markets for industrial transactions in 2024 with $1.2 billion in assets changing hands. This was a $424 million increase from the previous year, boosted by manufacturing and logistics growth.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"929\" height=\"696\" data-attachment-id=\"1004696667\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-sells-tampa-industrial-park-for-56m\/tampa-airport-logistics-center-photo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg\" data-orig-size=\"929,696\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tampa Airport Logistics Center Photo\" data-image-description=\"&lt;p&gt;Tampa Airport Logistics is a 297,254-square-foot in Tampa, Fla. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Tampa Airport Logistics was fully leased at the time of the transaction. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg?w=929\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg\" alt=\"Collage image comprising an aerial view and two exterior close-up shots of Tampa Airport Logistics Center, a two-building industrial park in Tampa, Fla.\" class=\"wp-image-1004696667\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg 929w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Tampa-Airport-Logistics-Center-Photo-e1704448743782.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 929px) 100vw, 929px\" \/><\/a><figcaption class=\"wp-element-caption\">Tampa Airport Logistics was fully leased at the time of the transaction. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In the largest transaction of 2024, <a href=\"https:\/\/www.commercialsearch.com\/news\/pccp-sells-tampa-industrial-park-for-56m\/\">Clarion Partners paid $55.6 million for Tampa Airport Logistics Center<\/a>. PCCP LLC sold the two-building, 297,254-square-foot park, which was fully leased at the time. Cushman &amp; Wakefield represented the seller.<\/p>\n\n\n\n<p>A total of 9.6 million square feet\u2014159 properties\u2014of industrial assets changed hands across the metro area last year, up 26.3 percent year-over-year. Industrial space in Tampa traded at an average of $130 per square foot, a significant jump from the $107.1 figure recorded in 2023.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are last year\u2019s top-performing markets for industrial transactions, based on Yardi Matrix data.<\/p>\n","protected":false},"author":741,"featured_media":1004747491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,41288,23891,21742,37749],"tags":[39329],"class_list":["post-1004694088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-rc-listicles","category-national","category-latest","category-research-center-cpe","tag-topofthelist"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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content=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-20T12:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-28T16:06:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Top-Metros-for-Industrial-Transactions-2024-Table-Featured-e1739883182540.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"993\" \/>\n\t<meta property=\"og:image:height\" content=\"744\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" 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