The warehouse space is already in demand. Overall, the industrial sector had record-high rents hovering at $6.90 per square foot nationally in Q1, according to a report by Cushman & Wakefield.
But the marijuana business is only adding to that frenzy in states where it is legal, according to a study from the National Association of Realtors.
Nearly half of the states where marijuana was legalized before 2016 have seen lease addendums that restrict growing on properties. In states where medical marijuana is lawful, 69% of commercial members said no additional addendums were inserted into their leases concerning marijuana plants. In states where medical and recreational use is legal, 45% to 55% of those surveyed said no additional clauses were added to leases.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
