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Strong tenant demand and a positive long-term outlook are motivating builders to develop new industrial properties. Approximately 145 million square feet of warehouse space is forecast to come online this year, down from 155 million square feet in 2006 but 30 percent higher than the annual average over the past five years.
Cooling economic growth will cause absorption levels to slow from the elevated levels of the past two years. Overall, net absorption is forecast to reach 100 million square feet this year, after totaling 145 million square feet in 2006.
New space will result in a 50 basis point increase in vacancy to 9.4 percent in 2007, the first vacancy increase in three years. Despite the uptick, vacancy will remain consistent with the average since the beginning of the decade of 9.3 percent and the rate is expected to decline as development begins to slow starting in 2008.
Request Marcus & Millichap's Industrial Report
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| The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Principals are advised to conduct a thorough due diligence for any potential transaction. Marcus & Millichap Real Estate Investment Brokerage Company's name and logo are used herein for information purposes only. |
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