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Strong rent growth in the industrial sector resulting from limited land supply and a population influx remains a theme, along with a healthy dose of new office construction on the horizon to nudge vacancy back up.
The renovations will include upgraded finishes in the building lobbies, enhanced building amenity packages, upgraded common areas, restrooms, elevator cabs, landscaping and a programmable activity lawn.
Despite the specter of trade wars and a global economic slowdown, net lease investors bought in Q3 2019, showing confidence in the sector and economy. However, the US economy bears watching, especially in light of another Federal Reserve interest rate cut.
Slated to open in 2020, Target leased 33,000 square feet from Tishman Real Estate Services for the small structure, a fraction of the size of its typical stores.