DALLAS-Two recent lease renewals by Illes Seasonings &Flavors and FedEx SmartPost totaling 327,750 square feet prove theDallas-Fort Worth industrial market is strengthening. They alsoillustrate the fact that tenants are taking advantage of thefavorable leasing environment, according to Nathan Orbin, a vicepresident with Jones Lang LaSalle’s local office.

Orbin represented Illes Seasonings & Flavors in a150,000-square-foot lease renewal, along with JLL Managing DirectorTom McCarthy. “Anytime we have significant renewals in addition tonew transactions, that is a great sign for the overall strength ofthe real estate market,” he tells GlobeSt, adding that the D/FWindustrial market had 2 million square feet of positive absorptionin the second quarter, which was positive for the third consecutivequarter. “While renewals don’t directly affect absorption, it is apositive reinforcement of the strengthening market and moreimportantly it’s not adding to the vacant space that is alreadyavailable.”

Illes Seasonings & Flavors is staying at 2200 Luna Rd., a268,548-square-foot building located in the Valwood/Stemmonssubmarket. It has been a tenant in the class A distributionfacility for 10 years. The landlord, Billingsley Company, wasrepresented internally by vice president Carter Crow. With therenewal, Billingsley’s industrial building is 100% leased.