Industrial market remains healthy
Author: Diana Heeb Bivona
The industrial real estate market remained strong for the third quarter of 2006 meeting the expectations of industry watchers. Colliers International reported vacancies at 8.2%. This number was down from 8.3% in the second quarter.
The only surprise came in the area of rents which trended higher than expected. Warehouse rents rose by 3.6% in the quarter, which was similiar to second quarter findings. Year-over-year, rents are up 7.7 percent. Colliers still believes their forecast of a 10% increase is still feasible.
As of September 30, the top-ranked metropolitan warehouse space markets were Honolulu, Los Angeles, West Palm Beach, FL, Bakersfield, CA, and Las Vegas.