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|Leave it to Industrial Development International's Jay Mitchell to call securing two of 2010's larger big-box industrial deals a ?slow year.?|
|The big deals: a 745K lease with Colgate-Palmolive at its Westpoint A building on Rock House Road in Lithia Springs, and a 1.1M SF build-to-suit with The Clorox Co. at its Southcreek Industrial Park in Fairburn. Jay tells us that those two deals (note: Jay was unable to confirm Clorox, despite previous media reports) capped a total of 3.5M SF of leasing over the past 18 months. ?Probably half of those deals, not including the build-to-suit, were large deals, but the rest of them were the typical bread-and-butter ones,? he says. But he expects the trend of steady work looking like it will continue into 2011. Rents have also stabilized among IDI's portfolio as corporate industrial activity continues to be driven by consolidation and efficiency improvements. One concern Jay has is the potential for inflating costs of construction materials, particularly steel and concrete. ?If those prices start going up, that could be bad news for new construction, but good news for existing buildings.? Jay will be a panelist at Bisnow's Industrial Real Estate Summit on Nov. 30 at the Westin Buckhead. Tickets can be purchased here, but hurry as seating is limited for this event.|