Nineteen new developments were under construction adding 25,000sqm of stock this year or in early 2019, Theo de Leeuw, director of industrial sales and leasing at NAI Harcourts said.
The overall takeup was 61,635sqm of both new and existing properties across the main industrial areas of Te Rapa and Frankton.
The increase was largely due to the completion of new fully occupied Grade A buildings in Te Rapa North and increased leasing activity in Grade C space in Frankton and Te Rapa South.
At Te Rapa there was 43,060sqm of new developments during the year, while Frankton had an increase of 2440sqm.
Despite the increase in new developments, the survey revealed the overall vacancy rate for industrial properties across the city decreased to 1.5 per cent.
"The majority of new space was spoken for before construction began, and that is also the case with the projects under construction currently," according to Sean Stephens, industrial sales and leasing agent with NAI Harcourts.
Reduction in the amount of space available was a continuing trend, de Leeuw said.
"Take-up has been faster than the builders can keep up with. It's at the lowest level in my experience in 25 years working in real estate."
Growth was being driven by low interest rates, economic confidence and Hamilton's attraction for businesses from outside the region, particularly Auckland.