United States Industrial Outlook - Q4 2020

Industrial fundamentals proved their strength in 2020 with a record-setting year

February 04, 2021

Despite the COVID-19 pandemic and nationwide economic uncertainty, industrial leasing activity in the U.S. continued to set new records in 2020. Shifts in online shopping made e-commerce the primary driver of leasing this year with other industries rising to the challenge to meet consumer demand. Tenant touring activity and move-in’s increased toward the second half of the year pushing net absorption past the 250.0 million square foot threshold. With increased demand and a stable supply, leasing fundamentals ended the year on a high note.

Market performance categories:

Leasing activity jumped 26.9 percent from 2019, with e-commerce being the primary driver of demand.

Rental rates:
The U.S. industrial rents increased $0.09 to $6.39 per square foot. Since 2019, rents have increased 4.2 percent.

Net Absorption:
97.5 million square feet of industrial space was realized this quarter, bringing year-to-date absorption to 273.5 million square feet.

U.S. industrial vacancy was 5.4 percent this quarter. Vacancy fluctuated this year; however, continued to remain below 6 percent.

Under construction:
2020 deliveries totaled 327.2 million square feet, surpassing the prior year by 52.7 million square feet.


Q4 2020 Industrial highlights
Q4 2020 Industrial statistics by market

Find your full local report:

Learn more:

Fill out this form to download report

There was an error submitting the form. Please try again.


Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.