"This location was ideal for the [footwear retail] tenant given the fact that this market is a lower-cost alternative to California with excellent infrastructure and access to the West," Rodriguez said.

While not traditionally a home to such large facilities, chances are good others may follow suit. In addition to its alternative western distribution location, Southern Nevada's expanding population and tourism will continue to be major drivers of its logistics sector. E-commerce still leads the way, but Colliers is also seeing an uptick in light manufacturing.

"A competitive tax structure and friendly business climate, coupled with the excellent access, including interstates linking it to Phoenix and the CANAMEX Corridor, are major strengths, making Las Vegas an ideal alternative for western distribution," Rodriguez said.

Raleigh-Durham

Population growth and its interstate hub are major logistical drivers for Raleigh-Durham, North Carolina's second largest metro area. As part of the Research Triangle, university-fueled innovation and a relatively low cost of living have attracted people and businesses alike.

For this emerging industrial powerhouse, that means strong continued demand for quality distribution space coupled with consistent rent growth and net absorption. Rodriguez reports that Wolfspeed, a semiconductor chip manufacturer, plans to construct a one-million-square-foot facility in the market, and Vin Fast, a Vietnamese car manufacturer, has chosen Raleigh-Durham for its first US location.

"As the Research Triangle continues to expand, a variety of diverse tenants continue to absorb space in the market," she added. "The skilled labor force continues to attract companies to the area and will contribute to ongoing demand for high quality distribution and manufacturing product in Raleigh-Durham."

Stockton & California's Central Valley

Having the largest inland port in the Golden State means big opportunity, but with more upside than coastal ports. A major logistics driver, the Port of Stockton has spurred substantial institutional investment, with inventory growing 30% since 2016, according to Rodriguez.

"The high degree of connectivity to the entire West Coast within one transit day, thanks to interstate access, multiple ports and airports, as well as intermodal facilities with both Union Pacific and Burlington Northern Santa Fe railroads are huge strengths for Stockton and the Central Valley," she added.

Overall, the report notes that market fundamentals remain strong on the leasing front, and, as the above emerging markets prove, the drivers of industrial remain sound, positioning the sector for continued strong capital flows.

To read more Colliers sector insights, click here.