{"id":1004229420,"date":"2018-05-11T16:10:08","date_gmt":"2018-05-12T00:10:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004229420"},"modified":"2022-12-07T01:50:03","modified_gmt":"2022-12-07T09:50:03","slug":"economy-watch-industrial-market-stays-tight-despite-new-product","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-industrial-market-stays-tight-despite-new-product\/","title":{"rendered":"Economy Watch: Industrial Market Stays Tight, Despite New Product"},"content":{"rendered":"<p>By D.C. Stribling<\/p>\n<p><img decoding=\"async\" data-attachment-id=\"1004205449\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hillwood-lands-1-msf-columbus-distribution-center\/industrial-news-02-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.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=\"industrial news 02 (1)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.png?w=800\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004205449\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial-news-02-1.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The 12 billion-square-foot U.S. industrial market ended the first quarter of 2018 with a 5 percent vacancy rate overall, even though a significant amount of new construction was delivered, reports Avison Young in its Spring 2018 Industrial Market Report for North America and Europe. Although the vacancy rate represents a decrease of 30 basis points year-over-year, the rate of decline has slowed as the overall average reached low single digits, the firm reported on Thursday.<\/p>\n<p>E-commerce and last-mile distribution hubs near population centers, data centers and biotech facilities continue to be prevailing demand generators, while marijuana legalization has had a meaningful impact on industrial vacancy in a handful of\u00a0 markets, the report noted.<\/p>\n<p>Developers are seeking to meet strong tenant demand by creating the most efficient product possible through innovation and technology. One innovation of note: Replicating a model from elsewhere in the world, Prologis recently developed the country\u2019s first multi-level distribution warehouse on the West Coast.<\/p>\n<div id=\"attachment_1004229426\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004229426\" data-attachment-id=\"1004229426\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-industrial-market-stays-tight-despite-new-product\/georgetown-crossing_prologis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg\" data-orig-size=\"802,621\" 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;1&quot;}\" data-image-title=\"Georgetown Crossing_Prologis\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Scheduled for completion in September 2018, Prologis\u2019 Georgetown Crossings in South Seattle, Wash., represents the first multilevel distribution facility in the U.S. (Prologis\/CRAFT Architects) &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg?w=802\" loading=\"lazy\" class=\"size-medium wp-image-1004229426\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg\" alt=\"\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg 802w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Georgetown-Crossing_Prologis-e1526082930838.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004229426\" class=\"wp-caption-text\">Scheduled for completion in September 2018, Prologis\u2019 Georgetown Crossings in South Seattle, Wash., represents the first multilevel distribution facility in the U.S. (Prologis\/CRAFT Architects)<\/p><\/div>\n<p>Innovative design may be the answer to land constraints in primary markets across the U.S., as more multi-level facilities are in the works in major East Coast markets such as New York, Avison Young said. Obsolete or vacant properties of all types are being repurposed for industrial uses \u2013 including self-storage, which has been popping up in office-dense locations.<\/p>\n<p>Supply-chain logistics, technology and the availability of affordable power \u2013 in the form of electricity or other energy sources \u2013 will be key components in the long-term health of the industrial sector, the report added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. industrial market ended the first quarter of 2018 with a 5 percent vacancy rate overall, even though a significant amount of new construction was delivered, according to a new Avison Young report. <\/p>\n","protected":false},"author":1023,"featured_media":1004205449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,23891,21742],"tags":[33022,32956],"class_list":["post-1004229420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-national","category-latest","tag-avison-young","tag-prologis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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