By Paul Bergeron | GlobeSt.com
October 01, 2021
Topping the country are Northern New Jersey ($18.50), Puget Sound ($16.44), Los Angeles ($16.20) and Inland Empire ($10.20).
Rents for modern warehouse products are surging, a trend acutely felt in the most desirable logistics locations, or prime submarkets, across the country, according to a report from Newmark.
In at least six of the nation’s prime industrial warehouse submarkets, average taking rents for new construction are poised to cross the $10 per square foot mark—or have already crossed it.
A prime submarket is often centrally located within a metropolitan area and offers access to critical infrastructure, including airports and seaports, major highways and rail lines—fundamental attributes for tenants focused on reducing transportation costs and transit time.
Northern New Jersey ($18.50), Puget Sound ($16.44), Los Angeles ($16.20) and Inland Empire ($10.20) have exceeded the $10 milestone. Chicago and Miami are on the cusp.
Since 2019, taking rents for new construction have increased by an average of 24.3% across prime submarkets, with some observing almost double that growth.
C.J. Follini, Principal, Noyack Capital Partners, tells GlobeSt that “The current disruptions throughout global supply chains are furthering the ‘pull-forward’ of the industrial cycle in that procurement departments and buyers are doubling their product and supply purchases and storing them in domestic warehouses just to meet the holiday season’s anticipated demand.
“Pandemic-related growth of grocery e-commerce and same-day delivery alone compressed five years of the evolution of consumer behavior change into a single year. Not surprisingly, the controlled-climate area of the supply chain lacks sufficient infrastructure, so it is an area we will pay close attention to moving forward.”
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