At the beginning of that year, average asking rental rates were between $4.35 per sf and $4.50 per sf, he says, a level that held well into 2002 because of increased activity in the big box sector. The area's total industrial market consists of approximately 35 million sf.
Current discounting, which created a "window of opportunity," he says, has increased recent rental activity. There has been "a dramatic increase in prospects looking for rail-sided sites," according to Bartolacci. "This has placed rail-sided land at a premium. We foresee that new industrial development will again be on the increase as developers seek to take advantage of the steady demand.
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.
