industrial market review€¦ · industrial . market review . bill throne, sior, ccim, alc . first...
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INDUSTRIAL MARKET REVIEW Bill Throne, SIOR, CCIM, ALC First Vice President
ndustrial Market Review
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EXECUTIVE SUMMARY
Vacancy rate finally below 10% Trend line: Steady drop over last five years Peninsula the star of 2013 Question: Any ‘drivers’ out there for industrial?
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EXECUTIVE SUMMARY
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WORLD; U.S. INFLUENCES
Panama Canal update: 2015 or later? National industrial demand: Supply Chain driven? Defense Spending / Sequestration World economy / Political uncertainty
354.5
322.2
326.2
278.8
230.8
268.8
306.3
309.4
328.5 0
50100150200250300350400
200520062007200820092010201120122013
National Historic Leasing Activity
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TOP U.S. INDUSTRIAL MARKETS: 2013 LEASED
Greater Los Angeles: 35,766,051 sf Chicago: 30,861,300 sf Inland Empire: 30,496,242 sf Dallas/Ft. Worth: 28,275,842 sf New York/ NJ: 25,695,080 sf
National Historic Absorption
-48.9 14.2
75.9 146.0 111.9 94.4 -6.4 -125.1
13.1 94.4 95.1
117.2 -150-100
-500
50100150200
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
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HAMPTON ROADS REGIONAL NEWS
Tolls and trucking Rt. 460 Improvement project Port of Virginia Institutional investing in Hampton Roads
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LOCAL INDUSTRIAL RESULTS:
Repositioning of industrial properties Good: Healthy Submarkets / small in demand Good: Quality rents/ rising rents Bad: Building pricing continues to fall Bad: Construction costs high / no spec Leasing activity and absorption holding steady
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2013 WINS
Overseas: Grandwatt Electric / Smithfield Local: Hampton Farms, Southampton Huntington Ingalls Blackstone / IndCor investments Port advantage…commodities
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2014: BIG THINGS AHEAD?
Continued drop in vacancy rates Market rents strengthening Good submarkets will get better Another big box, please? It is getting better!