Charles Hill and Adam Love, both of the Austin office of Colliers International, represented DHL. Tom Pardee in the Austin office of Denver-based ProLogis Trust negotiated for ProLogis.
Hill tells GlobeSt.com that ProLogis had been looking for space for 12 to 18 months. The move puts DHL in one of Austin's major concentrations of warehouse distribution space and near major highways such as Interstate 35 and US Highway 290. Walnut Creek Corporate Center is a 17-building complex.
DHL Worldwide Express, founded in 1969 in California, is majority owned by Deutsche Post World. It has a fleet of more than 250 aircraft with an on-the-ground network supported by 17,000 vehicle. The company has in excess of 4,000 offices in 220 countries and territories, with an annual log of 160 million shipments.
Overall, Austin's industrial real estate market continues to suffer from the slow technology economy. The vacancy rate for standard industrial space was 10.5% at the end of 2002, according to Grubb & Ellis. The overall rate, however, was 15.4% because of the 32% vacancy rate in research and development/flex space.
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.
