Concord industrial: the supply pipeline is thinning faster than asking rents suggest

Concord industrial leasing in 2024 averaged 380,000 SF of net absorption per quarter. New starts dropped to two projects totaling 195,000 SF for all of Q1 2025 — a 64% drop from the comparable 2024 quarter.

Stabilized asking rents are still anchored to the 2023 high-water mark. Renewals are clearing 8–12% above prior-period in-place. The market has not repriced yet because deal velocity is light; once 2–3 sub-$15M trades print at the new comp, expect a 75-bps move.