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Industrial Outlook

United States

Report | North America Industrial Outlook - Q4 2013

Summary

U.S. vacancies in many of the big logistics corridors sit well below the national average, and new construction is trying to catch-up with demand; warehouse asking rents, on average, have increased from 3.6 percent since 2012.

Half of U.S. construction commenced work with preleases in place during 2013. Underwriting criteria for big-box space made true speculative construction difficult and many developers sought pre-commitments prior to groundbreaking of 'inventory' buildings. Although spec construction is occurring in 35 of 48 U.S. markets, it will not be enough to meet present demand requirements: Rents will continue to rise.

​New deliveries are increasing in Mexico, while a potential softening of the Canadian dollar will allow Canada to benefit through its exports; the U.S.'s favorable economic outlook will propel gains.

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