That's the prognosis from locally based Bullock Mannelly Partners Inc. in its mid-year report. Overall industrial vacancies are at 14.6%, up from 13.9% in 2002. The warehouse category is faring the worst with vacancies of 14.8%.
"Despite increases in vacancy rates, the belief that warehouse markets will lead the upcoming real estate recovery has kept many investors looking for opportunities in this property sector," says Michael A. Crawford, research director at Bullock Mannelly.
The city's industrial market continues "to be negatively impacted by the sluggish economy," Crawford says. "While some economic signs point to greater stability during the second half of the year, the lack of tenant demand will continue to stall a potential recovery in the industrial sector over the balance of 2003."
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