Fire protection systems, larger truck aprons and rail accessibility will be driving tenant searches. And, say researchers, "institutional owners will continue tweaking their portfolios" to meet the demands.
The report goes on to predict that the industrial market will not have significant speculative development in the next two years. That's good news since 62 buildings, totaling nearly 4.9 million sf, delivered in 2001 and only 30 are leased. The northwest distribution corridor accounted for 29 of the deliveries for an aggregate of 2.3 million sf.
Collier's numbers also show a flat vacancy rate across all industrial classes in 2001. Center-flex space decreased vacancy by 0.04% over the prior year. Both warehouse and manufacturing multi-use properties increased vacancies by 1.4% and 0.2% respectively over last year.
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