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2017–2018 speculative ‘big box’ construction

  • 2017 delivered the most new industrial construction to the Portland metro since 2007 with 60 percent of the nearly 3 million square feet attributed to speculative ‘big boxes’ above 100,000 square feet. 2018 will see at least another 738,000 square feet of speculative big box deliveries.
  • The map above looks at the locations of speculative new construction above 100,000 square feet that delivered in 2017 as well as buildings currently under construction.
  • The big boxes that delivered in 2017 were 29.6 percent leased at time of delivery and buildings currently under construction are 2.2 percent leased.
  • Many of the new developments are being built further out due to a lack of developable land and leasing activity in the first half of 2018 will determine whether tenants are able to get comfortable in these less traditional areas.
  • While leasing in these new speculative big boxes remains light, build-to-suit and owner-occupied developments should result in the most new industrial construction delivered to the market since 1999. Upon occupation, these new developments will add over 2.7 million square feet of positive absorption to the market in 2018.

Source: JLL Research

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