62.6 F
Fort Worth
Sunday, October 25, 2020
Real Estate Report: Industrial leases, construction seeing strong growth in North Texas

Report: Industrial leases, construction seeing strong growth in North Texas

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Dallas-Fort Worth is seeing heightened activity in the industrial space, according to a just released study from Cushman & Wakefield.

According to the report which looked at first quarter data::

• Net absorption for the first quarter of 2019 stands at 5.2 million square feet (Note: Cushman & Wakefield defines absorption as when the tenant takes occupancy.)

• Major tenant move-ins during the first quarter include:

o Stanley Black & Decker 1,279,500 square feet, Alliance

o Ashley Furniture 877,230 square feet, Mesquite

o Thirty-One Gifts 651,518 square feet, DFW Airport

o Lollicup 650,000 square feet, East Dallas

The study notes that the Dallas-Fort Worth area currently has 30.1 million square feet of industrial space under construction, which marks the first time that DFW has surpassed 30 million square feet of product under construction. Development activity is focused on Alliance (7.4 million square feet), DFW Airport (5.6 million square feet), Great Southwest (4.8 million square feet), according to the report.

• During Q1 2019, nearly 5.1 million square feet of industrial space was delivered.

• The overall vacancy rate stands at 7.0%, well below the historical 15-year average of 9.2%

LEASING

• Notable leases signed this quarter include:

o Hollingsworth Logistics, 494,990 square feet, Great Southwest

o BSN Sports, 324,480 square feet, Great Southwest

o Technology Container Corp (renewal), 200,450 square feet, South Dallas

“The DFW industrial market continued to exhibit healthy growth over the first quarter of 2019 with more than 5.2 MSF of positive absorption,” said Kurt Griffin, executive managing director at Cushman & Wakefield. “This strong demand exceeded new construction deliveries of 5 MSF and overall vacancy declined slightly to 7%. Although there is in excess of 30 MSF currently under construction, over half (15 MSF) of the total is preleased, leaving 15 MSF of available speculative product.

Latest News

Real Estate: Office still a question mark as industrial remains strong in 3Q

The Dallas-Fort Worth area is a leading area around the country in terms of office occupancy, but there remain plenty of employees...

Texas housing market rebounds in September along with U.S.

Texas’ housing market rebounded in September as homebuyers rushed to take advantage of historically low mortgage rates. Existing homes sold through Texas...

Building in a time of uncertainty

On Thursday, Oct. 29, at exactly 4 p.m. First United Methodist Church of Fort Worth leaders and ministry representatives will pull together...

Phase II of Arlington Commons tops out

KWA Construction has topped out on Phase II of Arlington Commons, one of the largest redevelopment projects in North Texas. Developed by...

Home furnishings retailer Living Spaces opening Fort Worth location

Leading home furnishings retailer, Living Spaces, is opening a brand new showroom in Fort Worth. Located in the AllianceTexas area at 8640 Tehama Ridge Parkway, the...