{"id":1004202711,"date":"2018-01-08T04:47:10","date_gmt":"2018-01-08T12:47:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004202711"},"modified":"2022-12-08T23:38:46","modified_gmt":"2022-12-09T07:38:46","slug":"cbre-report-describes-industrial-land-boom","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-report-describes-industrial-land-boom\/","title":{"rendered":"10 Most Active Warehouse Construction Markets"},"content":{"rendered":"<p><em>By Scott Baltic<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004202736\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-report-describes-industrial-land-boom\/mixed-use-news-02b\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png?w=800\" class=\"alignright wp-image-1004202736 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png\" alt=\"\" width=\"361\" height=\"280\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/mixed-use-news-02b.png?resize=768,595 768w\" sizes=\"auto, (max-width: 361px) 100vw, 361px\" \/><\/a>Driven by both strong demand for development sites suitable for both \u201cfirst-mile\u201d and \u201clast-mile\u201d distribution centers, and by a diminishing supply of such sites, industrial land prices rose sharply in 2017, according to a report released last week by CBRE. In the 10 most active <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-boom-has-room-to-grow\/\">warehouse construction markets<\/a>, the report states, \u201c<em>rising land prices are contributing to higher rental rates\u2026.<\/em>\u201d<\/p>\n<p>Nationally, CBRE found that the average per-acre price for large industrial parcels of 50 to 100 acres, those suitable for development of large, regional warehouses, increased to more than $100,000 per acre from roughly $50,000 a year ago. In parallel with that trend, industrial plots of five to 10 acres, suited for smaller, infill distribution centers in metropolitan settings, climbed to more than $250,000 per acre this year from roughly $200,000 a year ago.<\/p>\n<p>On a percentage basis, California\u2019s Inland Empire saw the largest increase, of 35 percent, which resulted in an average per-acre cost of about $980,000 for prime warehouse development land. Northern New Jersey topped the chart for average price, at $1.8 million per acre, a 17 percent increase from 2016.<\/p>\n<p>Numerous other major markets saw double-digit increases in industrial land prices, including Las Vegas (up 17 percent to $220,000), Chicago (up 16 percent to $250,000), Atlanta (up 14 percent to $100,000), Houston (up 14 percent to $196,000) and Central New Jersey (up 10 percent to $650,000). In many cases, the markets that registered substantial gains in land prices also saw increases in average asking rents.<\/p>\n<p>\u201c<em>As a result of the shift in consumer purchasing, there&#8217;s been a change in the tenant requirements of industrial occupiers who service those consumers<\/em>,\u201d Thomas Monahan, an Executive Vice President with CBRE, said in a prepared statement. \u201c<em>Scarcity of both existing inventory and larger sites to accommodate these buildings has placed upward pressure on pricing, pushing land prices and rents to unprecedented levels<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial land prices have risen sharply in the past year, in response to demand for e-commerce fulfillment centers, according to a CBRE report.<\/p>\n","protected":false},"author":882,"featured_media":1004202736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,23891,21742],"tags":[32789],"class_list":["post-1004202711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-national","category-latest","tag-cbre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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