Alston & Bird partner Jay Farris tells us the good news for owners is that Class A stabilized industrial projects are commanding favorable prices; the bad news for buildings with vacancies is that tenants are still commanding concessions. However, the tide seems to be (slowly) shifting. ?Free rent is starting to decrease a little bit,? he tells us. A&B is no stranger to the industrial market, counting among its clients IDI, RREEF, Morgan Stanley, Duke Realty and Lincoln Property. A huge project of theirs you may have heard of:Rockefeller Development's 1.5M SF build to suit project for General Mills—the largest LEED Gold building at the time. To close deals, Jay tells us everything is on the table from obtaining economic incentives from local jurisdictions to installing solar panels to reduce operating expenses. ?Our clients are trying to figure out ways to squeeze every dollar out of a deal.? Go here for more on Alston & Bird (and sign up now for our Industrial Summit Nov. 30, which A&B is generously sponsoring). |
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