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Industrial market continues to keep pace with new developments

​As we reach the halfway point in 2017, absorption has topped one million square feet. Commencement of leases by Fairfield Manufacturing, XPO Logistics, and Quiet Logistics added almost 800,000 square feet of occupied space in the second quarter. Growth in the industrial market is also adding jobs; employment in transportation and warehousing is up 16.1 percent since the middle of 2010. With new product and tight conditions, asking rates are up 7.3 percent from this time last year. 

With at least another 1.7 million square feet of new leases set to commence in the second half of the year, we expect absorption to reach three-million square feet in 2017. While this will be below the previous year, it is almost double the 10-year average. We also project almost  5.5 million square feet of new construction completing in 2017; a majority of it is modern bulk warehouse space.

Source: JLL Research

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