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Warehouse Development May Finally Ramp Up as Supply of Big Box Space Recedes

Warehouse Development May Finally Ramp Up as Supply of Big Box Space Recedes

Spec Projects Appear in Several Markets in Spite of Muted Overall Demand
November 7, 2012
Demand for U.S. warehouse space continued to putter along in the third quarter, with companies making fewer leasing decisions in the face of mixed economic signals that include lackluster job growth in manufacturing and other sectors impacting industrial real estate.

However, the lack of robust absorption in recent quarters hasn’t stopped developers from dipping their toes back into the warehouse market to fill a heightened demand for big-box warehouse space, with about 47.1 million square feet of total warehouse projects under way in 86 markets, up 3% over last year.

The tepid market response went with an unexciting 17.4 million square feet of positive net absorption of warehouse space in the third quarter, a decline from the second quarter’s 25 million square feet — which itself was revised downward by 10 million square feet — and down from 36 million square feet at the same time a year ago, according to CoStar’s Third Quarter Industrial Review and Outlook, presented recently by Rene Circ, director of industrial research for CoStar’s Property and Portfolio Research (PPR), and PPR Senior Economist Shaw Lupton.

The national vacancy rate for warehouses fell by a scant 10 basis points to 9.2% in the third quarter, but is down 70 bps from the same period last year, according to the CoStar presentation, which had to be rescheduled last week due to Hurricane Sandy.

Read the entire article here…
http://www.costar.com/News/Article/Warehouse-Development-May-Finally-Ramp-Up-as-Supply-of-Big-Box-Space-Recedes/143060
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