Spec Industrial is Back
Strong absorption and demand for build-to-suits are revitalizing the industrial market—and now developers are bringing back that four-letter "s" word. Nicolson Porter & List marketing agent Mark Barbato, who is also a spokesman for Bridge Development Partners, says that Bridge plans to develop a new industrial park in Lockport that includes build-to-suit and 100k SF to 250k SF spec buildings that can be divided for several tenants. Yesterday, Bridge told us it closed on 50 acres of land along the I-355 extension between I-55 and I-80 that is fully entitled and ready for development. It intends to spend about $50M on the long-term buildout.