In the second quarter, the vacancy rate had stood at 5.82%. Another highlight is that for three straight quarters, the market has absorbed more than one million sf, with the first nine months this year pushing the rate to more than 3.4 million sf. Most of the net absorption has occurred in class B and C space, an older, second-tier space that now has a 2.3% vacancy.
The third quarter marks the first in five years that no new class-A buildings had come to market. That will change in the fourth quarter when 700,000 sf of class-A industrial space will deliver.
Also noteworthy is Catellus is bringing back on line 349,000 sf near the former Stapleton International Airport, space formerly occupied by Web Van. Meanwhile, Janus Capital is subleasing its 80,000-sf building in the Prologis Upland Distribution Center rather than occupy it for its operations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
