'Unbelievable' Rent Growth During Past Quarter Spurring More Spec Warehouse

‘Unbelievable’ Rent Growth During Past Quarter Spurring More Spec Warehouse

Uptick in Logistics Construction Could Help Boost Sales, Satisfy Investor Demand for Modern Logistics Facilities

Logistics and light-industrial rental rates jumped by 6.7% for the 12-months ending in June 2016, leading all commercial property types by a wide margin as developers responded to rising demand for a diminishing supply of all types of warehouse and light manufacturing space with a flurry of speculative construction.

Year-over-year rent growth ranged from 4.9% for newer distribution buildings to more than 10% for light-manufacturing facilities in second-quarter 2016 as vacancy rates fell below their lowest point of the last cycle in virtually every segment of the U.S. industrial real estate market.

“The rent growth numbers are almost unbelievable, given the 0.9% long-term growth average,” said Rene Circ, CoStar’s director of research, industrial, who presented the Midyear 2016 U.S. Industrial Review and Forecast along with manager Shaw Lupton and real estate economist Christopher Kulig.

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