Cushman & Wakefield - Industrial Fact of the Week - August 2, 2012


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Cushman & Wakefield - Industrial Fact of the Week - August 2, 2012

  1. 1. U.S CON S. NSTRUC CTION VS. VA ACANC CYKEY FACTS Y • After pe eaking in 20 with 135 msf of new industria inventory added to th 008 5.9 al he market, new construction activ declined significant from 200 vity d tly 09-2011due to the recession. Only 98 msf of ne supply d 8.2 ew year span, almost a delivered in that three y 28% dr from 200 alone. rop 08 • Confide ence in the c rket appear to be returning, evide country’s industrial mar rs enced by the u uptick in spe eculative co onstruction f 2012. Du for uring 2010 a 2011, and uction activit consisted primarily of build-to-su projects, with only 6. msf constru ty d uit .7 of spec culative cons struction ad dded during that time, o of 36.3 m of new out msf invento So far in 2012, spec ory. n culative con xceeds BTS totals with 6.8 msf nstruction ex S delivering versus 4 msf of BTS projects 4.9 s. • The nation’s recov very from the significant market slo e t owdown in 2 2009 was he elped by cally low con historic nstruction le evels. After c climbing to 1 10.4% in 20 009, the ove erall vacanc rate declin to 8.7% at the mid- cy ned % -year point o 2012. With vacancy of declinin consisten since ye ng ntly ear-end 200 construc 09, ction activity will continu to y ue increas over the n se next few yea ars. • While n back at 2 not 2008 levels, rental rates have incre , eased consistently sinc ce second quarter 2011. Asking r d rental rates will continu to climb n ue northward ov the ver next ye as the ne inventory underway finishes co ear ew y y onstruction, quoting high her asking rates for this new prime space. eJared d.Jacobs@ @cushwake 215-9 963-4077Source: Cushman & Wakef field Research. Only m markets track by Cush ked hman & Wakefieldoffice are includ in this a es ded analysis. 2012 is as of 2 2012 2QINDUSTRIAL FACT TE L EAMTina Arambulo Ted Harris son Jared Jacobs dLos A Angeles Phoenix Philad delphiaJame Breeze es Steve Harr ris Aman Ortiz ndaLos A Angeles Dallas Chica agoNeil Hamilton Robert Ho oeferOrlan ndo Houstonwww w.cushmanw wakefield.c com