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GDP GROWTH: The nation’s real gross domestic product declined at an annual rate of 0.3 percent in the first quarter of 2025. It was the weakest quarterly growth in three years, according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent. Consumer spending, the economy’s main engine, rose at a 1.8% pace in the first quarter, the smallest increase since mid-2023….

INDUSTRIAL OVERVIEW: SOFT MARKETS FACE TARIFF DISRUPTIONS North America’s industrial markets are nearing the end of a wave of record development that – because of several quarters of weakened demand – has resulted in an oversupply of space and the lowest rent growth in years. Moreover, the sagging United States and Canadian markets could suffer disruption as they react to the U.S.’s controversial new trade and tariff regime. U.S. net absorption in the first quarter…

GDP GROWTH: The U.S. economy slowed in the fourth quarter but still turned in a healthy 2.8% growth rate for the year, compared to 2.9% in 2023. Growth in 2024’s GDP reflected increases in consumer spending, investment, government spending and exports. The fourth quarter expanded at an annualized rate of 2.3%, as measured by gross domestic product. That was off from the 3.1% GDP increase in the third quarter and slightly below the expectations of…

INDUSTRIAL OVERVIEW: DOCKWORKERS STRIKE THREAT, TARIFF QUESTIONS SLOW DEMAND Tenant demand for industrial space in the United States and Canada fell sharply in 2024 and rent growth was the weakest in more than a decade.  Several factors were behind the slowdown. Business owners paused expansions in 2023 largely due to lingering supply-chain issues and higher interest rates that reduced home sales and purchases of home improvement materials and appliances. In the U.S., a potential longshoremen…

GDP GROWTH: The U.S. economy turned in another solid performance over the summer as healthy consumer and government spending caused the third-quarter gross domestic product to rise at an annual rate of 2.8%, the Commerce Department said. “All this growth is happening with unemployment holding steady at a low near 4% and inflation moderating to the Fed’s 2% target. It is hard to see the economy performing better,” said Mark Zandi, Chief Economist at Moody’s…

INDUSTRIAL OVERVIEW: U.S. DEMAND SPIKES, CANADA FLAT Industrial demand across the United States dramatically improved in the third quarter but growth remained flat in Canada with net absorption gains for warehouse-and-distribution properties falling from record highs a year ago.  There were 52.8 million SF of positive net absorption in the U.S. in the third quarter, a 76% jump from the same period a year ago and more than double the 23.9 million SF of growth…

GDP GROWTH: The U.S. economy picked up steam in the second quarter, as the nation’s gross domestic product increased at a 2.8% annual rate compared to 1.4% in the first quarter, the Commerce Department said. The size of the GDP reading was more than expected and primarily reflected heightened consumer spending, business investment and inventory growth. Consumer spending, which accounts for more than two-thirds of the economy, increased at about 2% after slowing to a…

INDUSTRIAL OVERVIEW: ACTIVITY, GROWTH CHECKED BY HIGH INTEREST RATES Industrial market performance across North America continued to downshift in the first half.  Although net absorption remains positive, demand for industrial space has fallen to the lowest levels in years as higher interest rates to reduce inflation also slows economic growth. Net absorption in the United States totaled 23.9 million SF in the first two quarters. It was down from 80.3 million SF for the same…

GDP GROWTH: The nation’s gross domestic product slowed in the first quarter, increasing at an annual rate of 1.6%, the lowest growth since early 2022. The Q1 output of goods and services was weaker than expected. Economists surveyed by Dow Jones had been looking for an increase of 2.4%. In the fourth quarter of 2023, GDP was up 3.4%. The Department of Commerce also said the personal consumption expenditures price index – a key inflation…