| Vacancy in most markets may be even higher than unemployment, but in the industrial sector, the US is so short on big-box space that spec development is starting (people need space for machinery and trinket storage), particularly in a market poised to compete with Baltimore: Pennsylvania's I-78/I-81 corridor. |
| On Tuesday, we snapped Cushman & Wakefield industrial head Jim Dieter, who tells us industrial leasing grew 20% last year, from 345M SF in 2010 to 417M SF, and vacancy went from 10.8% to 10% (a big drop when you realize total inventory is 12B SF). Big-box is much tighter, prompting some spec in SoCal, Eastern and Central PA. He says Baltimore and New Jersey—with access to ports and affluent East Coast customer bases—are in line for a terrific few years, but they'll need to be on guard for momentum in Pennsylvania's 78/81 corridor, especially around operating expenses (like labor) and business friendliness. |
BALTIMORE, MEET YOUR COMPETITION
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Central PA, Jim Dieter
