Industrial Real Estate Market’s New Demand Driver Changing Space Requirements
If this trend continues, it could change the type of industrial space tenants require and the regions that see the greatest demand.
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If this trend continues, it could change the type of industrial space tenants require and the regions that see the greatest demand.
The application would permit about 95,000 square feet of industrial space on the site.
Unless CRE projects were already underway or financing had been secured, there will be few projects started according to Marcus & Millichap’s 2023 Construction Trends Report. Demand drivers, however, should return by early 2024.
Rapidly becoming a darling of the more opportunistic investors in commercial real estate, the IOS property type benefits from two major factors: its simplicity and its physical constraints. Its simplicity makes it easy to manage. Its physical constraints, further restricted by unfriendly zoning laws, give it an element of urgency.
For the first time in 65 years, Florida leads the nation in population growth. This recent growth has been a catalyst for development, particularly in South Florida, Orlando and Tampa. As a result of the robust development pipeline, developable land is in high demand and selling at record prices.
Investors say the market for industrial outdoor storage, or IOS, is worth about $200 billion and see profits in corporatizing a once-obscure asset class as office and retail struggle.
The Westgate/Belvedere Homes Community Redevelopment Agency wants to redevelop the Westgate Avenue corridor by cleaning vacant lots and demolishing dilapidated buildings to create a safer and more vibrant area where people can live and work. Westgate Terrace, a mixed-use, mixed-income project, would provide office space, workforce housing and modern architecture to lift up the area economically and esthetically.
With completion expected in Q2 2023, Woodmont Industrial Partners and Butters Construction & Development have begun construction on a 250,000-square-foot warehouse logistics facility located within the Palm Beach Park of Commerce.
Florida began preparing for the industrial boom over a decade ago, adding infrastructure growth projects at the ports and rail transportation in preparation for the expansion of the Panama Canal. That, coupled with the unforeseen and expedited rise of e-commerce as a result of the global pandemic starting in 2020, pushed industrial into the spotlight of the commercial real estate industry.
A recent report noted that CRE investors, owners, and operators canāt completely rely on what happened in the past because every cycle has its own quirks. As things change, perhaps rapidly, there are two broad signals worth watching.
The site covers 8.9-acres at 1463 Dr. Martin Luther King Jr. Blvd.
Released just before Christmas, the latest U.S. industrial market report from CommercialEdge found that rents on in-place leases rose 6.5% nationally year over year, while the national vacancy rate dipped to 3.8%.
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