Aug
18

Need Big-Box Industrial Space? Good Luck

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warehouse insideNet industrial absorption has outweighed new space completions for five straight years following the recession, particularly in the big-box segment, resulting in a significant drought of available space in many major markets at mid-year 2015.

Craig Meyer, president of industrial brokerage division with commercial real estate services firm JLL, says the expected 171 million sq. ft. of industrial space scheduled to be completed this year will not meet the 219 million sq. ft. of anticipated absorption. The supply imbalance will likely continue into 2016, he says.

“Construction deliveries have been minimal this cycle, and are under the historic norm,” Meyer says. “New deliveries as a percentage of the nation’s existing stock averaged 0.7 percent per year over the last seven years. This compares to the 20-year average, since 1996, of 1.4 percent per year.”

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