Warehouse vacancy rates in major U.S. port districts have stabilized this year as demand for freight distribution services returns, further signaling the economy is improving.
Lagging industrial real estate markets in the nation's interior are poised to rebound too, according to a recent report by Jones Lang LaSalle.
Demand for warehouse and distribution space remains low by normal standards, but leasing activity has picked up in many parts of the country.
So far this year, port-area property owners have whittled 2 million square feet off the 5.9 million square feet of excess space that existed at the end of 2009, with new warehouse construction at a standstill until more inventory is burned off, the commercial real estate services and investment firm said.
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