Industrial

Developers have decided to take a pause, at least for large buildings, and wait for tenants to fill up the empty spaces.

This metro area has one of the lowest industrial vacancy rates in the nation, but developers and lenders currently seem reluctant to launch new projects.

“During the first half of the year, ongoing demand for strategic distribution locations helped drive rental rates to historically high levels,” says Colliers International's David A. Simon.

With a healthy supply of office space in the L.A. market, tenant brokers say that landlord reps should abandon the no-quote strategy on marketing materials.

All together the company has acquired 1.1-million square feet in three markets.

With limited availability for investment opportunities, industrial assets are getting multiple offers within days of hitting the market.

The portfolio Sweden-based Hemfosa will acquire includes office, warehouse and logistic assets and totals approximately 460,000 square meters or nearly 5 million square feet.

From the time the LSRP program was fully implemented in 2012 to the end of 2015, NJDEP reported that the number of cases closed rose from 1,200 to 7,500. This number surpassed 10,000 in 2017 and is on pace to reach 12,000 this year.