Nearly 3.2 million sq. ft. is currently under construction, adding much needed space to the industrial market. Combined, these projects are 69% pre-leased and the pipeline of development is relatively solid.
On an annual basis, the average price per sq. ft. rose by 2.1% in 2017, averaging $96.94 in 2017 compared to $94.96 in 2016.
Space in newer warehouses, if large spaces exist, is priced at $0.50 to $0.55 per sq. ft., per month, triple net, with the office surcharge adding another $0.90 to $0.95 per sq. ft. Older warehouse rents are ranging between a low of $0.40 to a high of $.50 if well located.