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.

Industrial Outdoor Ventures completed the acquisition of adjacent industrial outdoor storage assets on Hightower Drive in Garland, Texas, northeast of Dallas.

IOV now operates seven IOS and truck parking assets in the Dallas marketplace.

Combined, the newly acquired properties total 5.74 acres with almost 26,000 square feet of buildings. The properties are available for lease to a single user or individually.  The owner of the property was a national transportation and logistics firm.

The larger of the two properties, located at 2210 Hightower Drive, is a 3.57-acre asset with an 18,564-square-foot building. The concrete yard area can accommodate parking for 56 trailers. The building, which can be utilized for warehouse and/or maintenance, features 20’ clear ceilings and six grade-level drive-in doors.

The second property, located at 2130 Hightower Drive, is a 2.17-acre facility, with a 7,368 square foot building. The concrete yard area can accommodate parking for 25 trailers. The drive-through service building is 70’ deep with eight 14’ drive-in doors.

In the aggregate, IOV operates seven DFW assets totaling 72.7 acres with approximately 100,000 square feet of buildings for storage, maintenance and complementary uses.

CBRE closed a 122,963-square-foot lease at Portside Logistics Center in Baytown, Texas, to Borusan Pipe, a steel pipe manufacturer.

CBRE’s Grant Hortenstine, SIOR, and Susan Haysom, CCIM, represented the tenant, Borusan Pipe. Stream’s Tyler Maner and Jeremy Lumbreras represented the landlord, a joint venture between Stream Realty Partners and Principal Asset Management ^SM, in the transaction.

The lease is for a new distribution center and will be an expansion of the company’s current Texas headquarters. Borusan owns a production facility located across the street at 4949 Borusan Road. The company operates three manufacturing locations across the United States. The Baytown plant produces tubular goods and steel pipes used in oil, natural gas exploration, and extraction wells and pipelines.

Portside Logistics Center – Building 2, located at 4908 Borusan Road, is a new construction industrial space totaling 258,248 sq. ft. The site offers immediate access to the Grand Parkway, Interstate10 and Highway 225. Additionally, this property offers access to Houston’s two container terminals.

If there’s one thing I’ve learned in the multifamily industry, it’s this: the best way to ensure your amenities are valued is to ask the people who use them – your residents.

At WithMe, Inc., we regularly survey thousands of residents, and the results from our latest round of questions reinforced something I’ve always believed: practical, everyday amenities win over flashy, trend-driven features every single time.

It’s not about chasing fads or selecting features that look good in a photo. It’s about creating spaces that truly fit into residents’ lives. From coffee bars that power up their mornings to full-service fitness centers and smart-home features that add convenience and control, the amenities residents love are the ones that make life a little easier.

Let’s talk about what really matters to residents and how focusing on practical, impactful options can transform your properties into communities people are proud to call home.

Jonathan Treble is founder and chief executive officer of amenities provider WithMe, Inc.

Why Feedback Outranks Trends

The multifamily industry is never short on trend reports promising to reveal the “next big thing” in amenities. While these reports can be fun to read and may spark ideas, they often miss the mark on what truly matters: the real preferences of your residents.

That’s why, at WithMe, we prioritize data straight from the source—our communities. Our latest survey confirmed what we’ve always known: while national trends can be helpful guides, it’s the local factors, like market conditions and resident demographics, that really tell the story.

For instance, what works for a student housing property – think study lounges and shared workspaces – might look entirely different for a family-focused property, where playgrounds or childcare services shine.

Here’s the simple truth: residents live in your spaces, not in a trend report. Listening to their voices is the best way to create communities that feel like home.

What Residents Actually Use

Too often, properties pour resources into “Instagram-worthy” amenities—rooftop lounges, luxury spas or infinity pools. They’re eye-catching, sure, but here’s the reality: many of these features often go underused.

Meanwhile, it’s the practical, accessible amenities that residents use day in and day out that build loyalty and make life better. Our latest survey highlights what truly resonates:

• Full-Service Fitness Centers: Convenience is everything. A well-equipped fitness center allows residents to work out on their own terms – no extra memberships, no added hassle. In today’s world, this isn’t just a perk; it’s an expectation.
• Coffee Bars: More than just a caffeine fix, a great coffee bar becomes a community cornerstone. Whether fueling a busy morning or serving as a gathering spot during the day, this amenity delivers daily value and fosters connection.
• Pools: Pools aren’t just about swimming – they’re community hubs. Residents use them to unwind, stay active and connect with neighbors. The best pools turn into spaces where relationships thrive.
• Technology-Enabled Amenities: From smart thermostats to community printers, these features don’t just simplify daily life—they empower residents. It’s about giving people control and convenience, seamlessly.

The takeaway? Focus on what your residents value in their everyday lives. These are the amenities that create not just a place to live, but a community to love.

The End of One-Size-Fits-All

The days of cookie-cutter amenities are over. Today’s residents expect tailored experiences, and they want a say in shaping them. WithMe’s high survey response rates show just how eager people are to contribute to the design of their communities.

Creating feedback loops is essential. Regular surveys, focus groups and one-on-one check-ins ensure that amenities evolve alongside residents’ needs. It’s a win-win: residents feel heard, and properties avoid wasting resources on features that don’t deliver value.

This approach also strengthens satisfaction and retention. When residents see their preferences reflected in their living spaces, they’re more likely to stay. And in multifamily, resident retention isn’t just good business – it’s the foundation of a thriving community.

2025 and Beyond: The Practicality Revolution

Looking ahead, one thing is clear: the future of multifamily living is about thoughtful functionality over fleeting trends. The communities that thrive won’t be defined by aesthetics alone, but by spaces that make daily life better, easier and more connected.

At the heart of this practicality revolution is a simple truth: listening is your most powerful tool. Industry trends may inspire, but the voices of your residents will always guide you to what truly matters.

The best communities aren’t built on assumptions – they’re shaped by the people who call them home. As we step into 2025, let’s keep asking the question that drives meaningful change: “What do you value most?”

Jonathan Treble is founder and chief executive officer of amenities provider WithMe, Inc.

Partners Development acquired more than 4.2 acres of medical-zoned property within the Easton Park master-planned community in Southeast Austin, Texas.

This strategic acquisition marks a significant step forward in Partners Development’s plans to develop a multi-phase medical and professional services complex tailored to meet the needs of one of Austin’s most dynamic and rapidly growing communities.

Developed by Brookfield Properties, the 2,700-acre Easton Park has experienced remarkable residential growth since its inception in 2016, expanding from 350 homes to a planned 12,000 units. This influx of new residents has created a noticeable gap in available healthcare services, with a documented shortage of over 300 doctors within a 5-mile radius.

Partners plans to develop one to four buildings in phases, with flexibility to adapt to tenant demand and market conditions. The strategy includes multiple exit scenarios, such as leasing or selling individual buildings, ensuring alignment with community needs and investor objectives.

It’s not a surprise, but developers have significantly reduced the amount of office space they are building this year.

According to the latest research from CommercialEdge, only 57.8 million square feet of office space was under construction as of November of this year. The construction pipeline in this sector, then, has shrunk by 39 million square feet year-to-date.

CommercialEdge reported, too, that developers completed only 39.7 million square feet of new office projects this year, while construction crews broke ground on just 9.1 million square feet of new office space.

Need move evidence of the challenges that the office sector faces? According to CommercialEdge, six of the top-25 office markets have recorded year-over-year vacancy increases of more than 500 basis points so far in 2024. Austin, Texas, leads the way, with office vacancy rates 650 basis points higher as of the end of November this year compared with last.

In slightly better news, listing rates have risen. CommercialEdge reported hat the average office listing rate stood at $32.85 a square foot as of the end of November, a jump of 3.7% when compared to the same month a year ago.

Midwestern markets remain the most office across the nation, with asking office rents averaging just $21.56 a square foot in Detroit, $26.37 in the Twin Cities and $27.05 in Chicago.