The industrial asset class is continuing a white-hot streak in 2021—and a number of emerging markets are gaining popularity as alternatives to more traditional core regions. The following markets command spots five through 10 on Colliers' recent list of top emerging industrial markets. To read about Colliers' top five markets, go here. 

Home to more than 27,000 companies and 400 trucking companies, Memphis "pairs competitive lease rates with top-line product quality," according to Colliers. It also benefits from close proximity to Memphis International Airport, one of the world's busiest cargo airports, and the International Port of Memphis, the second largest inland port on the Mississippi River and the fifth largest inland port in the US. Industrial vacancy was low in 2020 and ended at 6.2%, and new construction added 6 million square feet of spec inventory to the market. The year also ended with recorded-setting net absorption of more than 11 million square feet, and 17 projects totaling 12 million square feet are slated to be delivered by the third quarter of 2021.  Rental rates grew by 3% last year, and investment sales remained steady with $636 million transacted across 17.7 million square feet. 

Salt Lake City continued to grow this year despite the pandemic, with average overall vacancy increasing to 4.1% from 3.5% the year before. Colliers predicts vacancy will stay low this year, but may go up slightly in spaces larger than 100,000 square feet. About 6.2 million square feet of new space was delivered to the market last year, and positive absorption resulted primarily from large tenants expanding or moving into Utah, led by 3PL (Third Party Logistics).  Asking rents have increased to an overall net weighted average of $6.30 per square foot, causing some tenants to look to longer term leases.