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Big box industrial evolves to meet tenant demand

• The Salt Lake industrial market is seeing tremendous growth in terms of new inventory and construction, absorption, and increasing lease rates due to sustained demand from expanding companies like Amazon, UPS, Prime Source and others. Many prominent national/global institutional developers have shown considerable interest in Salt Lake over the last four years and have delivered new projects.

• In order to attract increasingly savvy tenants, and to ensure retention of future sale value, developers are adding more building amenities like a higher ceiling clear height and more stalls for trailer parking. Clear heights have progressed from a range of 30-32 feet, for buildings divisible down to 30 thousand square feet, to a range of 32-36 feet. In fact, the majority of buildings planning to break ground in the next couple years show a 36 foot clear height. The average building size of this new development is also trending larger going back to 2014. 

Source: JLL Research

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