HENRY COUNTY, GA-Taking advantage of one of the metro area's leading logistics and distribution submarkets, Dallas-based Lincoln Property Co. has started construction on Westridge Logistics Center. The planned two-building, 324,091-sf logistics complex is near Interstate 75 and GA 155 on Westridge Parkway. The Conlan Co. of Marietta is the general contractor; Wakefield Beasley & Associates of Norcross is the project architect.
Lincoln's Denton Shamburger anticipates the spec-built shallow-bay buildings will be completed by July. "Henry County is one of the primary distribution hubs for metro Atlanta and the Southeast," Shamburger says. He adds the estimated $16-million, class A development "will meet the requirements of a variety of users seeking to lease up to 150,000 sf."
In his last analysis of metro's 509-million-sf industrial market, Scott Amoson, research director at Atlanta-based Colliers Cauble & Co. notes spec buildings "are beginning to have an impact on an over-supplied industrial market." He notes, for example, the largest delivery scheduled for this quarter is the 810,000-sf Walnut Fork Distribution Center in northeast Atlanta. "To date, none of the space has been leased."
Amoson says a total 58.51 million sf of industrial space is vacant in the flex, shallow bay and warehouse categories. Shallow-bay distribution space was the product type of choice, accounting for 58% of third-quarter's 8.74 million sf of total net absorption.
Amoson estimates shallow-bay distribution space is renting for $2.75 to $3.75 per sf; flex industrial, $5.50 to $7.50 per sf; and warehouse space, $2.50 to $2.75 per sf.
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