Opus is under construction on 98,000 sf in their 205 Distribution Park project, but there is little else under construction, according to the report. "The development cycle has already adjusted to the decline in demand," states the report, written by NBS brokers Kevin LeBerge and Randy Reuter.
So while industrial properties continue to be the least volatile property type, the market's performance in 2001 "is little comfort to investors and developers (who) have held the Southwest Washington market in high regard for its potential, knowing that the land shortage in the Portland Metropolitan Area will eventually force development."
As far as development potential goes, Pactrust continues development -- as demand materializes -- at Columbia Tech Center on 164th. Schnitzer Investment Corp. has planned an expansion for its 2.4-million-sf Columbia Business Center, the area's largest business park. On the public side, the ports of Camas/Washougal, Vancouver, Ridgefield, Kalama, and Longview all have land available for port-related development.
Also in the works are two major mixed-use projects. One is a Birtcher Business Center slated for the intersection of Ward Road at Fourth Plain Boulevard. The initial phase of 90 acres will support about 1.2 million sf of new buildings targeted toward technology and light manufacturing uses. The other is Union Ridge in Ridgefield, a mixed-use project by Colorado-based Schuck Development Corp that will have a commercial/industrial component of approximately 185 acres. Other plans are likely in the offing, however, as 2001 saw 89.2 undeveloped, industrial-zoned acreage trade hands, according to the report.
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