MEMPHIS, TN—Much can be said about the strength of Memphis’ commercial real estate market—and now Xceligent is saying it. In the new 2014 Market Trends report from the company, Xceligent gives a fuller picture of industrial Memphis.
Xceligent reports the Memphis market posted nearly one million square feet of positive absorption for the quarter, bringing the overall vacancy to 13.4%. One of the big stories was construction on Jimco’s 500,000-square-foot build-to-suit completed in the first quarter at 699 Research Dr.
“Exeter Property Group continued their buying power by picking up a total of 4.4 million SF in multiple cities,” the report says. “Memphis benefited from this spending spree as four buildings totaling over 2.1 million SF were purchased. Ozburn Hessey Logistics inked the largest lease, pulling in 200k SF at Tuggle Distribution Center.”
To read the full report:
Click the button below for the complete first quarter 2014 Industrial Market Trends report for Memphis.