{"id":1004035904,"date":"2012-01-20T06:29:47","date_gmt":"2012-01-20T14:29:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035904"},"modified":"2022-12-08T13:05:41","modified_gmt":"2022-12-08T21:05:41","slug":"exclusive-industrial-back-to-pre-recession-levels-according-to-cushman","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\/","title":{"rendered":"Exclusive: Industrial Back to Pre-Recession Levels, According to Cushman"},"content":{"rendered":"

January 20, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

One of Cushman's industrial properties in Chicago<\/p><\/div><\/p>\n

By the end of 2011, things were looking good for the industrial sector \u2013 and that trend looks to continue into 2012. New leases for industrial properties \u201creturned to levels not seen since prior to the 2008\/9 recession,\u201d according to a new fourth-quarter 2011 report by Cushman & Wakefield Inc. More than 306 million square feet of new leases were completed last year, up 14 percent from the 269 million square feet signed in 2010 \u2013 which reached the highest level of activity since 2007.<\/p>\n

\u201cTwo things are happening,\u201d Jim Dieter, executive vice president and head of industrial brokerage for Cushman told Commercial Property Executive<\/em>. \u201cOne, there is renewed confidence in the market. And two, we\u2019re getting a verification that there is an acute shortage of big-box distribution space.\u201d<\/p>\n

Dieter noted some strong similarities in the country\u2019s strongest industrial markets.<\/p>\n

\u201cWhen you look back at the last several years,\u201d he said, \u201ccompanies have looked to create supply-chain efficiencies. So when you see a Class A lease, it\u2019s not always an expansion because they may have closed two locations to open another, more efficient one.\u201d So the top markets, according to the report, were the country\u2019s big distribution hubs of Dallas-Ft.Worth, Northern and Central New Jersey, Houston, California\u2019s Inland Empire and even Chicago. \u201cThose are the classic Tier 1 distribution hubs in the United States,\u201d Dieter said, \u201cwhich are showing very nice leasing activity. Companies are looking to open larger, more efficient distribution centers.\u201d<\/p>\n

Further, there are two factors fueling the expansion: The lack of new-space completions and well as the revving of the country\u2019s manufacturing engine. Limited construction \u2013 2011 saw only 20.5 million square feet of completions, down from the five-year average of 88.1 million square feet \u2013 is increasing absorption rates in nearly every major market around the country. And, for the last few years, industrial manufacturing has been dong very well in the U.S. despite the prevailing economic conditions.<\/p>\n

\u201cManufacturing is the main driver within the industrial landscape,\u201d Dieter said. \u201cU.S. industrial manufacturing grows, and it improves export business. It improves distribution markets. It increases rail flow and intermodals. When then U.S. has a strong manufacturing component, it affects all the other components.\u201d<\/p>\n

As proof of his point, he noted that the national industrial vacancy rate declined to 9.2 percent by the end of 2011, down 1.1 percent from the end of 2010. Thirty of the 33 markets tracked by Cushman reported year reported year-over-year declines in vacancy, with the Inland Empire, the San Francisco Peninsula, Phoenix, Houston and Silicon Valley among the markets with the largest declines.<\/p>\n

\u201cWe\u2019re increasingly confident that we are at the beginning of a sustained recovery that will gain momentum over the next 12 to 24 months,\u201d Dieter said.<\/p>\n","protected":false},"excerpt":{"rendered":"

New leases for industrial properties \u201creturned to levels not seen since prior to the 2008\/9 recession,\u201d according to a new fourth-quarter 2011 report by Cushman & Wakefield Inc.<\/p>\n","protected":false},"author":1201,"featured_media":1004038573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21748,21742],"tags":[],"class_list":["post-1004035904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-industrial","category-latest"],"acf":[],"yoast_head":"\nExclusive: Industrial Back to Pre-Recession Levels, According to Cushman - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: Industrial Back to Pre-Recession Levels, According to Cushman\" \/>\n<meta property=\"og:description\" content=\"New leases for industrial properties \u201creturned to levels not seen since prior to the 2008\/9 recession,\u201d according to a new fourth-quarter 2011 report by Cushman & Wakefield Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-20T14:29:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:05:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/012012-Cushman-Industrial-1150-Swift-Rd-Chicago.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Exclusive: Industrial Back to Pre-Recession Levels, According to Cushman\",\"datePublished\":\"2012-01-20T14:29:47+00:00\",\"dateModified\":\"2022-12-08T21:05:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/\"},\"wordCount\":475,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/01\\\/012012-Cushman-Industrial-1150-Swift-Rd-Chicago.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Featured\",\"Industrial\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/exclusive-industrial-back-to-pre-recession-levels-according-to-cushman\\\/\",\"name\":\"Exclusive: Industrial Back to Pre-Recession Levels, According to Cushman - 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