''Depending on what happens with the flex buildings that are currently in the market, and other real estate tends metro wide, I would also consider building a flex building northeast. Developers left with product at year-end 2002, will more than likely be Gateway Park and Majestic Park,'' which are two of the largest industrial parks in the region, he adds.
Dwyer notes there currently is 552,639 sf of new construction available left over from 2001.
During the past eight years, the market has absorbed an average of 1.03 million sf.
By the end of 2002, he expects 728,560 sf of new space available. His predictions for the industrial market include:
* Increased productivity will continue to drive companies toward new construction, while the supply chain will be slowing down.
* Sublease space will continue to be absorbed with tenants identifying the economic and lease term benefits. These opportunities are a great chance for companies to grow their business while minimizing a major growth expense -- real estate.
* Short-term renewals will be more prevalent. Property owners will allow tenants to remain on a short-term basis rather than take the risk of competing in the open market with other vacant space. This holding pattern will provide the chance to wait out the economic uncertainty currently experienced by many companies.
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