Kansas City recorded the lowest industrial vacancy rate across the country in November at just 3.3%, according to the latest numbers from CommercialEdge.

That’s significantly lower than the national industrial vacancy rate of 7.5% during the same month, according to the December national industrial report released earlier this month by CommercialEdge.

Overall, CommercialEdge reported that 2024 represented more of a normal year for the U.S. industrial market following the surge of activity during the height of the COVID-19 pandemic.

According to CommercialEdge, this year has been defined by a normalization in demand, slower development and steady sales prices.

Year-to-date, 330.7 million square feet of industrial space has been delivered in the United States, while new construction starts totaled just 207.8 million square feet, a significant drop from recent years.

Industrial sales volume as of the end of November hit $54.6 billion, a figure that is on track to match the totals this industry saw in 2023.

And in good news for the sector, the average sales price for industrial assets through November grew 2.7% when compared to the same period a year earlier, reaching $128 a square foot.