According to Jefferies' managing director, Jonathan Petersen, warehouse rent for several U.S. East Coast markets has continued to grow this year. A recent Cushman & Wakefield report revealed a 3.6% vacancy rate in the warehouse sector. The year-to-date rent growth in Eastern and central Pennsylvania was 10%, and Atlanta saw a 7.3% increase. - The West Coast saw contrasting numbers, as Los Angeles recorded the most significant YTD decline of 6.3%, followed by Phoenix (4.3%) and Houston (2.7%).
- Among Los Angeles' submarkets, South Bay recorded the largest decline of 25.3%; others saw rent drop between 1.9% and 7.3%.
- Despite a softer warehouse market, tenants have had to pay higher rents on the East Coast.
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