At the beginning of that year, average asking rental rates were between $4.35 per sf and $4.50 per sf, he says, a level that held well into 2002 because of increased activity in the big box sector. The area's total industrial market consists of approximately 35 million sf.
Current discounting, which created a "window of opportunity," he says, has increased recent rental activity. There has been "a dramatic increase in prospects looking for rail-sided sites," according to Bartolacci. "This has placed rail-sided land at a premium. We foresee that new industrial development will again be on the increase as developers seek to take advantage of the steady demand.
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