Net Demand for Industrial Space Shows No Sign of Letting Up
A report released today by the NAIOP Research Foundation says that net demand for industrial space could reach 242 million square feet in 2015, thanks to the U.S. economy’s accelerated growth through the end of 2014 and its robust indications of strength for 2015.
- 2015 quarterly net absorption will average 60.5 million square feet.
- 2014 industrial net absorption reached a near-record 224 million square feet – an 8 percent increase over 2014.
- Asking rental rates steadily elevated in each quarter of 2014.
The report says that the consumer segment of the economy is looking healthier than it has since 2007, before the Great Recession. Retail spending has set new record highs almost every month, unemployment has hovered around the near full employment level of 5.6 percent as of December 2014, and there even appear to have been some gains in real wages in industries such as leisure and hospitality and information. Further, the recent decline in oil and gasoline prices offers a great form of stimulus to many lower- and middle-income families that will no doubt translate into increased consumer productivity.
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