{"id":1004404496,"date":"2020-03-31T06:14:04","date_gmt":"2020-03-31T14:14:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004404496"},"modified":"2020-04-03T06:07:10","modified_gmt":"2020-04-03T14:07:10","slug":"under-the-radar-small-bay-warehouse-space-surges","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/under-the-radar-small-bay-warehouse-space-surges\/","title":{"rendered":"Under the Radar, Small-Bay Warehouse Space Surges"},"content":{"rendered":"<p>While deals involving huge distribution projects seem to get all the attention, small-bay warehouse spaces are also booming.<\/p>\n<p style=\"text-align: left;\"><a style=\"display: inline-block; padding: 5px 24px; border: 0; border-radius: 6px; font-weight: bold; letter-spacing: 0.0625em; text-transform: uppercase; background: #960505; color: #ffffff; text-decoration: none;\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=656536\" target=\"_blank\" rel=\"noopener\">READ THE DIGEST<\/a><\/p>\n<p>A CBRE report noted that <a href=\"https:\/\/www.commercialsearch.com\/news\/suburban-atlanta-industrial-buildings-change-hands-for-18m\/\">light-industrial spaces<\/a> under 70,000 square feet have the lowest average availability (5.8 percent) of any size range, as well as both the highest average rents ($8.01) and the greatest rent growth over the previous five years.<\/p>\n<div id=\"attachment_1004404502\" style=\"width: 613px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004404502\" data-attachment-id=\"1004404502\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/under-the-radar-small-bay-warehouse-space-surges\/industrial-7\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg\" data-orig-size=\"1000,750\" 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=\"Industrial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Palmetto Airport Center, 6100-6188 NW 74th Ave., Miami, is managed by JLL and is the kind of small-bay warehouse property JLL\u2019s new division focuses on. Photo courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg?w=1000\" class=\"wp-image-1004404502\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg\" alt=\"\" width=\"603\" height=\"452\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Industrial-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 603px) 100vw, 603px\" \/><\/a><p id=\"caption-attachment-1004404502\" class=\"wp-caption-text\">Miami\u2019s Palmetto Airport Center is the kind of small-bay warehouse property JLL\u2019s new division focuses on. <em>Photo courtesy of JLL<\/em><\/p><\/div>\n<p>New supply of smaller projects, the report says, is constrained by the \u201cchallenges in developing smaller parcels in densely populated areas.\u201d In a sign of how vibrant the market for small industrial spaces can become, JLL in January opened a division in South Florida, headed by Brian Smith, specifically to lease and manage warehouse spaces of just 2,500 to 10,000 square feet.<\/p>\n<p>A common small-space tenant is a startup that uses it as \u201cincubator-type space,\u201d typically under a shorter lease term, said Craig Meyer, JLL\u2019s president of Industrial Americas. A business might start in someone\u2019s garage and then move up to a space like this, which he described as \u201cclassic business-park space.\u201d<\/p>\n<p>Matt Walaszek, associate director of industrial research at CBRE and the report\u2019s author, said CBRE is especially seeing tech startups looking for smaller spaces.<br \/>\nOn the owner\u2019s side, Meyer said, this needs to have some scale to it\u2014multiple properties and plenty of tenants. But for the owner, Meyer said, \u201cthat last incremental income is almost pure profit.\u201d<\/p>\n<p>Tray Anderson, Cushman &amp; Wakefield\u2019s Industrial &amp; Logistics leader for the Americas, said potential tenants \u201cdefinitely have an interest\u201d in smaller (\u201cpallet in, pallet out\u201d) spaces. The niche, he said, is not unlike what 3PL space aggregators like Stord are offering.<\/p>\n<p>Could a small-space practice work in other markets? Meyer thinks it can, but notes, \u201cit has to be ground-up,\u201d as it was in South Florida. <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrials-203m-buying-spree-in-southern-california\/\">Southern California<\/a> might be a possibility, as might Brooklyn or Queens, perhaps in older buildings and\/or multistory warehouses, he said.<\/p>\n<hr>\n<p><em>Sector Insights rotates among office\/medical office, industrial, retail, multifamily, self storage&nbsp;and hotel\/hospitality.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=656536\"><em>Read the April 2020 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While deals involving huge distribution projects seem to get all the attention, small-bay warehouse spaces are also booming.<\/p>\n","protected":false},"author":882,"featured_media":1004404502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21748],"tags":[],"class_list":["post-1004404496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-industrial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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