As CBRE Inc. keeps track of which industrial markets nationwide see the most leases over 600,000 square feet, the rankings don’t tend to change much year-to-year. California’s Inland Empire, Pennsylvania’s I-78/I-81 corridor, Dallas-Fort Worth, and Atlanta regularly appear at the top of the list.
In 2019, Memphis found itself sandwiched between those elite markets, with nine leases over 600,000 to total 6.9 million square feet.
At the end of 2019, about 10 million square feet of space was under construction, according to CBRE and Colliers International data. And, plenty of other projects are in the pipeline.
The vacancy rate in DeSoto County hit an all-time low of 3.2% at the end of 2019, according to Colliers research. And, the rental rates being asked for Class A product leapt 8% during the year, according to Cushman & Wakefield/Commercial Advisors research.
With these strong numbers, developers are expected to buy even more land in 2020. Experts also expect more speculative development to be announced in Shelby County in the next couple months.
For more information, please check out the full article from the Memphis Business Journal: