Big-Box
Market Report
U.S. Research Report | Year-end review & outlook
North America
While most sectors struggled under the downturn brought about by the pandemic, the industrial market experienced quite the opposite. Core markets including the Inland Empire in Greater Los Angeles, Dallas-Fort Worth, Atlanta, Chicago, Northern-Central New Jersey, Southern New Jersey-Eastern Pennsylvania and Toronto continue to be the destination of choice for many occupiers, while emerging secondary markets that are near the fastest-growing population centers and in close proximity to the most utilized logistics hubs in the region continue to grow.
Introduction
In this unique interactive report, we examine the North American big-box industrial market in 2020, which includes the seven core North American big-box markets and nine emerging secondary markets. We will highlight the fundamentals and look at demand factors, including demographics and logistics capabilities and assess what lies in the years ahead.
Unless otherwise specified, all report data is through year-end 2020.
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Against the challenging background brought about by COVID-19 – and seemingly against all odds – the industrial sector was the unintended benefactor of consumer behavior changes as the shift to online shopping catapulted demand for industrial space. As evidence of the need for warehouse and distribution space, net occupancy gains for bulk industrial space totaled more than 161.5 million square feet at the end of the year, up almost 25% over the 129.4 million square feet transacted in 2019.
Overview
North American
Building Inventory
Historical Data
200,000 - 499,999 SF
4,004
Big-box buildings
212
Fully vacant
962
Big-box buildings
61
Fully vacant
500,000 - 749,999 SF
822
Big-box buildings
39
Fully vacant
750,000+ SF
Northern California
Toronto
Northern-Central New Jersey
I-4 Corridor
Atlanta
Kansas City
Greater Phoenix
Dallas
Columbus
Cincinnati
Chicago
Indianapolis
Houston
Southern New Jersey
Inland Empire
Memphis
The Greater Toronto Area (GTA) market is an active big-box market in North America. The region has become home to many e-commerce fulfillment/distribution centers for companies such as Amazon, Wayfair and IKEA that are drawn by the region’s vast transportation infrastructure. Demand has been strong for big-box product in the market for quite some time, leading to an all-time low vacancy rate of 0.3% at year-end. The GTA maintains the tightest big-box market with exceedingly low vacancy and not a single big-box facility in the region is fully-vacant. Industrial big-box average asking net rents in the GTA have set a new high mark, reaching $9.50 per square foot in 2020.
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The GTA industrial market continues to post record fundamentals, led by expanding e-commerce footprints and new entrants into the market, retailers reshuffling their supply chains, 3PLs and the growing food and beverage sector. Trends indicate the average square footage of requirements are increasing, as demonstrated by a record number of transactions and requirements in excess of 400,000 SF. The remainder of 2020 will see a return to in-fill redevelopment in core GTA markets as market rents justify purchase prices.
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Toronto
Canada
Colin Alves
Executive Vice President, Sales Representative, Toronto West
The GTA industrial market held firm despite the effects of COVID-19
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528
Big-box buildings
0
Fully vacant
200,000 - 499,999 SF
50
Big-box buildings
0
Fully vacant
500,000 - 749,999 SF
51
Big-box buildings
0
Fully vacant
750,000+ SF
Building inventory
Historical data
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Other Industrial Research Reports
- Q4 2020 Industrial Market Outlook
Copyright © 2021 Colliers International
Disclaimer: The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
Historical data
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Toronto
Canada
Southern New Jersey
Eastern Pennsylvania
New Jersey
Northern-Central
California
Northern
Memphis
Tennessee
Kansas City
Missouri
Inland Empire
California
Indianapolis
Indiana
I-4 Corridor
Florida
Houston
Texas
Phoenix
Arizona
Dallas
Texas
Columbus
Ohio
Cincinnati
Ohio
Chicago
Illinois
Atlanta
Georgia
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Historical data
With approximately 23 million square feet absorbed in 2020, which was second behind the Inland Empire, the Atlanta industrial market continues to prove that it is one of the top industrial/logistics markets in the U.S. Big-Box deals continue to push the market, with seven 1 million square foot deals completed last year.
Darren Ross
Senior Vice President & Principal,
Atlanta
"
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Bulk leasing activity in the Atlanta market set a record in 2020, topping 30 million square feet - a clear sign that demand has not suffered as a result of the pandemic. The evolution of the retail landscape continues to be a lead factor to the record amount leased. Aside from Amazon, other retailers occupying space in the area included Walmart, HomeGoods and e-commerce tenants 1-800-Flowers, ThredUp, and Boxy Charm. The outlook for Atlanta's bulk market remains promising. Continued strength in e-commerce, logistics, and storage/distribution will lead to another solid year of occupancy gains and forward momentum in 2021.
Record year for Atlanta’s bulk market
Georgia
Atlanta
306
Big-box buildings
41
Fully vacant
200,000 - 499,999 SF
72
Big-box buildings
6
Fully vacant
500,000 - 749,999 SF
86
Big-box buildings
8
Fully vacant
750,000+ SF
Building inventory
Historical data
Chicago’s resilient big-box industrial market spurned the chaos of 2020, breaking leasing and development records. While giant build-to-suit leases and Amazon played a key role in carrying the local big-box market during the year, tenants of various types signed big leases as well. These tenants, most of them considered low-exposure to the unfolding pandemic, included e-commerce users, logistics providers, food and beverage users, packaging companies and home improvement-related retailers, among others. This continued demand, combined with tenants in various other industries addressing expansion plans, will lead to a robust 2021 and beyond.
Jack Rosenberg
National Director, Logistics and Transportation Group
Principal, Chicago
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Chicago's biggest and most modern industrial buildings recorded an impressive and record-setting year despite the unpredictably introduced by the COVID-19 pandemic, an economic recession, political turmoil, and social unrest. Net absorption was positive during all four quarters of 2020, totaling 15.1 million square feet. While this is below 2019's record net absorption total of 17.4 million square feet, it was one of the greatest annual totals in the big-box market's history. It was particularly impressive in light of the uncertainty experienced in nearly every facet of life during the year.
Leasing in Chicago’s big-box buildings breaks records in 2020
Illinois
Chicago
474
Big-box buildings
21
Fully vacant
200,000 - 499,999 SF
102
Big-box buildings
6
Fully vacant
500,000 - 749,999 SF
79
Big-box buildings
6
Fully vacant
750,000+ SF
Building inventory
Historical data
The Cincinnati industrial market has been in a state of transition since 2019 after reaching record low levels of vacancy. Since that time, development activity accelerated, which along with occupiers downsizing or vacating 2nd generation space, resulted in rising vacancy rates. A robust start to the year was curtailed by the COVID-19 related state-mandated lockdowns with many occupier requirements put on hold. Demand did not accelerate until late in the year with nearly half the year’s 2.8 million square feet of net absorption recorded during the fourth quarter. This is the lowest occupancy gain in eight years. However, as e-commerce sales continue to increase exponentially and occupiers rethink supply chain and inventory management strategies, we expect demand to return to levels more in line with historical norms. Additionally, the opening of the first phase of Amazon’s Prime Air Hub at CVG Airport will drive increased activity in the submarkets surrounding the airport. New supply has exceeded the recent demand and, while our market remains stable, we will need an increase in activity in 2021 to absorb the existing bulk product in addition to the current construction activity.
John B. Gartner III, SIOR
Senior Vice President & Principal, Cincinnati
"
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The Cincinnati big-box market is particularly well-suited to meet the growing demand for faster delivery and the accompanying demand for warehousing and transportation. Aided by the bounce-back in employment, from an unemployment rate of 13.0% at the height of the COVID-19 pandemic to 5.5% by year-end, the Cincinnati industrial market posted positive net absorption of 2.75 million square feet during 2020, of which 1.2 million square feet was recorded in Q4 as the market regained momentum. The bulk warehouse sector accounted for approximately two-thirds of the year's occupancy gain as well as the lion's share of new supply.
Cincinnati industrial market records steady growth
Ohio
Cincinnati
128
Big-box buildings
9
Fully vacant
200,000 - 499,999 SF
37
Big-box buildings
1
Fully vacant
500,000 - 749,999 SF
17
Big-box buildings
3
Fully vacant
750,000+ SF
Building inventory
Historical data
With booming demand for big-box space, Columbus will continue to see high activity in industrial space in 2021. The COVID-19 pandemic has fueled the e-commerce sector, and Central Ohio is ideally situated to keep up with demand. Located within a 10-hour drive of half of the U.S. population, the Columbus market’s strategic location assists industrial tenants in reaching their customers. Record-breaking development continues in the market, primarily in the Southeast, East and West submarkets. Additionally, Rickenbacker Inland Port is a major point of access via air and rail, making Columbus logistically well-positioned for increased international cargo demand in the future.
Michael Linder, SIOR
Senior Executive Vice President,
Columbus
"
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Home to 17 Fortune 1000 headquarters, 52 colleges and universities, and a top 10 city for millennial concentration, the Columbus region is a prime location for industrial expansion. The e-commerce explosion has also benefitted the Columbus big-box market as Amazon and other online retailers occupied large blocks in 2020. The big-box market finished the year strong, posting more than 4.2 million square feet of net absorption at year-end, nearly double the volume of 2019.
Booming big-box demand will fuel the Columbus market’s high leasing activity in 2021
Ohio
Columbus
127
Big-box buildings
4
Fully vacant
200,000 - 499,999 SF
29
Big-box buildings
2
Fully vacant
500,000 - 749,999 SF
35
Big-box buildings
4
Fully vacant
750,000+ SF
Building inventory
Historical data
The Dallas-Fort Worth (DFW) industrial real estate market remains historic as we just finished yet another record year with absorption at 22.8 million square feet. DFW has been on most logistics and transportation companies’ radar with our centralized location and highway systems along with the DFW Airport, which was the busiest airport in the country in 2020. So far in the first quarter, we are tracking more speculative developments across DFW as developers are continuing to try to identify new frontiers. One trend we’ve noticed is the need for existing available freezer/cooler space, which DFW lacks. Overall, we are optimistic for 2021 as our market activity remains strong.
Brad Balke
Senior Associate,
Dallas
"
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The Dallas-Fort Worth big-box market had one of the strongest years in the history of the metroplex. Records were set in all major categories, including absorption, new supply and asking rental rates. As more and more companies add Dallas as a distribution point or expand current operations, developers have remained busy. For the past 20 quarters, construction levels never dipped below 15 million square feet for any one quarter. There are currently 48 big-box buildings totaling 23.2 million square feet under construction. In 2020, 22.9 million square feet was delivered to the market, a new record, and the majority of those facilities were delivered as speculative spaces providing prospective tenants plenty of options.
Dallas metroplex experiences a record year
Texas
Dallas
426
Big-box buildings
28
Fully vacant
200,000 - 499,999 SF
111
Big-box buildings
9
Fully vacant
500,000 - 749,999 SF
81
Big-box buildings
4
Fully vacant
750,000+ SF
Building inventory
Historical data
Houston is coming off its largest calendar quarter of absorption and leasing activity in the last four years. This activity was driven mainly by five users taking over 500,000 square feet each, totaling just over 5 million square feet of the 7.5 million square feet of absorption. Amazon continues to be the most active big-box user. Lowe’s (1.5 million square feet) and Dunavant Distribution Group (785,000 square feet) signed new leases in 2020. These deals and current active prospects have given industrial developers confidence to build larger speculative buildings. Traditionally not a big-box market, Houston’s average tenant size continues to grow, and we ended the year with six +500,000-square-foot buildings delivered and available for lease. Hunt Southwest is currently under construction on a 1 million square foot building on Houston’s east side, the largest speculative building delivered in this market. With continued rapid delivery of the COVID-19 vaccine, U.S. stimulus plans and increasing oil prices, we expect to see improving absorption numbers in the future and a very active big-box market in 2021.
Ryan Byrd
Principal,
Houston
"
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Houston, the U.S.'s fourth-largest city, boasts 7.1 million residents that live within its MSA. Its booming port and infrastructure make the Houston area the largest export market in the U.S. The area’s big-box market continues to be active as there has been a flight to quality with tenants vacating dated buildings for new class A product – as evidenced by the high levels on deliveries, and more than 10.9 million square feet of occupancy gains. These record deliveries, however caused overall big-box vacancy to rise to 14.5% in 2020, up from 9.1% at the end of 2019. Tenant demand in the Houston area is expected to persist for the foreseeable future. Houston's fourth quarter of 2020 saw stronger absorption, increased leasing activity and greater call volume from brokers running transactions and end-users re-engaging in their search for space. Bulk occupancy gains increased nearly 75% over 2019 and marked a record year for Houston.
Houston’s industrial big-box market activity to remain active moving into 2021
Texas
Houston
233
Big-box buildings
32
Fully vacant
200,000 - 499,999 SF
37
Big-box buildings
6
Fully vacant
500,000 - 749,999 SF
19
Big-box buildings
0
Fully vacant
750,000+ SF
Building inventory
Historical data
The I-4 Corridor is officially a market universally recognized throughout the country. The influx of new capital sources and sponsors actively invested and/or attempting to invest in the region is as diverse as it has ever been before. The “Logistics Triangle”, referencing the area between Ocala, Tampa and Orlando, continues to be one of the most sought after markets for investors and occupiers alike. Moreover, the previous defined “boundaries” between the individual markets within the Logistics Triangle are fading with land prices, rents and cap rates trending to become more homogenous throughout the region.
Ryan A. Vaught
Executive Managing Director,
Tampa
"
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The I-4 Corridor industrial market is one of the fastest growing and most dynamic industrial markets in the country. While most of the I-4 Corridor's growth was previously focused on smaller industrial buildings, big-box facilities are being developed and occupied at a brisk pace, making it a big-box market to watch in the coming quarters. The lack of 500,000-plus-square-foot product, combined with growing demand for this size range from e-commerce and 3PL tenants, has created a significant opportunity for speculative development in the region. A total of 3.1 million square feet remains under construction, including a 1.1-million-square-foot Amazon distribution center.
New deliveries account for 10% of inventory in the I-4 Corridor
Florida
I-4 Corridor
211
Big-box buildings
10
Fully vacant
200,000 - 499,999 SF
24
Big-box buildings
3
Fully vacant
500,000 - 749,999 SF
22
Big-box buildings
1
Fully vacant
750,000+ SF
Building inventory
Historical data
Industrial real estate in Indianapolis continued its upward trajectory in 2020. The pandemic gave a major injection to the e-commerce and third-party logistics sectors, which accounted for approximately 50% of the local modern bulk user activity. Amazon was a major part of that activity, doubling their footprint during the year. The Indianapolis MSA ranked #5 in the U.S. in total new construction delivered, primarily consisting of modern bulk distribution product. Nearly 90% of the new construction was delivered on a speculative basis and more development is planned for the spring.
Jason Speckman
Executive Vice President,
Indianapolis
"
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For the second consecutive year, the Indianapolis big-box market continued its rapid rate of growth. The area achieved 11.0 million square feet of new leasing activity and nearly 8.0 million square feet of net absorption in 2020, slightly below the record levels reached in 2019. A record-high 12.1 million square feet of new big-box construction was completed in 2020, surpassing the previous year by more than 47%. The majority was speculative construction and delivered vacant, causing the vacancy rate to increase to 9.4%.
Indianapolis industrial market sees record growth amid pandemic
Indiana
Indianapolis
122
Big-box buildings
7
Fully vacant
200,000 - 499,999 SF
59
Big-box buildings
7
Fully vacant
500,000 - 749,999 SF
38
Big-box buildings
3
Fully vacant
750,000+ SF
Building inventory
Historical data
2020 was a year that demonstrated the strength and resilience of industrial real estate. The negativity of COVID-19 put industrial on steroids and accelerated e-commerce and direct shipments by an estimated five years. The Inland Empire finished the year strong with a historically low vacancy rate of 3.5% and 1.1% for buildings over 100,000 square feet. Net absorption remained strong and totaled 23.8 million square feet, which was close to the Inland Empire’s largest year in 2018. With a slowing of construction through COVID-19, pressure on rental rates forced a weighted average increase of 15.8% year-over-year.
Mark Zorn, SIOR
Executive Vice President,
Inland Empire
"
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The Inland Empire remains the largest big-box market in North America with more than 354 million square feet of existing big-box space. Robust demand in the Inland Empire kept the need for new, modern space high. 40% of all new construction in the Inland Empire are in buildings greater than 200,000 square feet. Big-box construction activity remains sound with 14.9 million square feet currently underway. The Inland Empire continues to outperform neighboring infill markets due to the concentration of larger and better-capitalized firms along with newer state-of-the-art facilities. With most people still working from home and online shopping remaining the preferred option, the Ports of Los Angeles and Long Beach processed more cargo year over year in 2020 compared to the previous year.
Inland Empire vacancy plummets to historic low
California
Inland Empire
452
Big-box buildings
9
Fully vacant
200,000 - 499,999 SF
140
Big-box buildings
6
Fully vacant
500,000 - 749,999 SF
119
Big-box buildings
1
Fully vacant
750,000+ SF
Building inventory
Historical data
The Kansas City market continues to be a thriving industrial market, as a result of its geographically- centralized location, superior infrastructure and business-friendly foreign trade zone program. Recent industrial activity and demand has been fueled by online consumer spending, propelling the explosion of e-commerce retail to new heights. As a result, multiple intermodal facilities and infrastructure continue to spur development activity within the market. Logistics parks throughout the Kansas City metro continue to see elevated levels of activity to cater to the growing demand for new distribution and warehouse space within our market.
Ed Elder
President,
Kansas City
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The Kansas City region has maintained a relatively steady local economy that historically weathers economic fluctuations well because of its diverse industry segments. In fact, Kansas City’s unemployment rate ended 2020 at 4.8%, down from a pandemic-high of 11.7% in April. Despite the challenges wrought by the global pandemic, the big-box industrial in the Kansas City metro recorded 5.1 million square feet of occupancy gains, a 28% increase over the previous year’s total of 4.0 million square feet. The area also ended 2020 with the delivery of nearly 5.8 million square feet of big-box industrial product. At the end of 2020, industrial construction reached a record high, with more than 12.2 million square feet under active construction, with speculative development just shy of 10 million square feet.
The Kansas City industrial sector continued to outperform and recover faster than all other commercial real estate sectors in 2020
Missouri
Kansas City
82
Big-box buildings
3
Fully vacant
200,000 - 499,999 SF
21
Big-box buildings
0
Fully vacant
500,000 - 749,999 SF
12
Big-box buildings
0
Fully vacant
750,000+ SF
Building inventory
Historical data
2020 continued to push positive growth in the Memphis big-box market that has sparked new levels of development in 2021. Memphis posted positive big-box absorption of just over 10 million square feet with 17 new Class A deals over 200,000 square feet, totaling 8.8 million square feet. With Class A vacancy under 3%, 2021 will continue the robust speculative supply with nine developers currently under construction with 8.6 million square feet and another 3.2 million square feet in build-to-suit projects. With developable land becoming scarcer, many of these new developments will prove the positive impact of the new I-269 outer loop, opening Marshall County and Fayette County into the development mix.
Tim Mashburn
Senior Vice President & Principal, Memphis
"
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Memphis’ big-box industrial market posted records in 2020 – in occupancy gains, construction deliveries and space under construction. Occupancy gains more than doubled in 2020 and totaled nearly 10.0 million square feet. Amazon’s occupancy of the three largest facilities built in Memphis in 2020 totaled nearly 5.5 million square feet. Deliveries in Memphis totaled 10.3 million square feet – the first time deliveries exceeded 7.0 million square feet in a single year. A total of 11.7 million square feet remain under development, including 13 big-box Class A speculative options to be delivered in the third quarter of 2021.
Memphis’ big-box industrial market posts records in 2020
Tennessee
Memphis
96
Big-box buildings
2
Fully vacant
200,000 - 499,999 SF
50
Big-box buildings
2
Fully vacant
500,000 - 749,999 SF
51
Big-box buildings
1
Fully vacant
750,000+ SF
Building inventory
Historical data
Consumers have relied heavily on the e-commerce delivery model to provide their home good needs during the shelter in place mandate of COVID-19. As a result, the greater Bay Area industrial market continues to benefit from strong demand from the e-commerce, food and beverage industries, technology, package delivery and 3PL providers — many of whom are servicing the local economy and strong businesses expanding their e-commerce platforms. Other thriving industries over the past 12 months include home improvement, construction material supplies, and self-wellness/fitness are big drivers for demand of industrial space in the region. The shift to technology and e-commerce delivery model continues to be the catalyst for the increasing demand of warehouse properties and the current high levels of construction.
Greig Lagomarsino, SIOR
Executive Vice President,
Oakland
"
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Big-box demand driven by e-commerce has led to continued downward pressure on vacancy rates, now only 8.8% in Northern California, down 90 basis points from the 9.7% recorded this time last year. Over the past 12 months, thriving industries include food and beverage delivery, home improvement, construction material supplies, and self-wellness/fitness amongst others. Amazon, and e-commerce, remains the dominant driver in the big-box warehouse market. Amazon signed 17 leases for more than 7 million square feet of product in Northern California in 2020.
E-commerce industry boom continues in Northern California
California
Northern California
187
Big-box buildings
9
Fully vacant
200,000 - 499,999 SF
49
Big-box buildings
3
Fully vacant
500,000 - 749,999 SF
27
Big-box buildings
0
Fully vacant
750,000+ SF
Building inventory
Historical data
As e-commerce continues to be a preferred option for consumers, explosive demand for warehouse and distribution space will continue. Amazon’s insatiable demand for industrial product in New Jersey is also fueling demand from similar competitors and logistics firms that service e-commerce companies. Both UPS and FedEx are anticipated to lease additional space in New Jersey to keep up with consumer demand. These companies’ major leases have kept New Jersey’s industrial market hot streak rolling in 2020, however, it has also masked the pandemic’s impact on other sectors.
Jonathan Tesser
Executive Managing Director, Woodbridge
"
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New Jersey's industrial market hardly noticed the on-going pandemic, posting one of its strongest statistical years on record, posting over 11 million square feet of positive absorption. Leasing activity totaled an impressive 17.1 million square feet for the year. Amazon signed the top three largest new leases in the area totaling 2.8 million square feet. Bob’s Discount Stores pre-leased a 622,230-square-foot new development in Piscataway in the final quarter of the year. Overall, there were 34 transactions greater than 200,000 square feet during the year.
Demand for industrial product remains strong amid pandemic
New Jersey
Northern-Central
197
Big-box buildings
1
Fully vacant
200,000 - 499,999 SF
46
Big-box buildings
1
Fully vacant
500,000 - 749,999 SF
39
Big-box buildings
1
Fully vacant
750,000+ SF
Building inventory
Historical data
The Phoenix Industrial market experienced another banner year in 2019, especially in the big-box arena. We saw many significant regional and national logistics occupiers locating in the metro industrial market, with Amazon leading the way taking 3 million square feet in 2020. The opening of the Loop 202 freeway and the Loop 303 corridor became home to large corporate users taking advantage of excellent freeway access and solid market dynamics. Our supply of labor, availability of big-box product, proximity to Southern California, and attractive investor pricing will continue to highlight Phoenix as a Class A location for occupiers and investment dollars as we move into the next decade.
Don MacWilliam
Executive Vice President, Phoenix
"
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The greater Phoenix big-box market continues to post exceptional growth because of its proximity to a growing population, a strong workforce base, an expanded and modernized highway system and more attractive rental rates than markets in Southern California. More than 8 million residents can be reached within 250 miles of Phoenix, making it a prime area for e-commerce and third-party logistics companies to expand. The region set records in 2020 for leasing activity, occupancy gains and new product to market. Occupancy gains increased tremendously to 10.1 million square feet, up from just 1.1 million square feet the previous year. New supply also reached nearly 10.0 million square feet as 2020 delivered the most big-box inventory of any previous year.
The growth west continues
Arizona
Phoenix
111
Big-box buildings
9
Fully vacant
200,000 - 499,999 SF
26
Big-box buildings
4
Fully vacant
500,000 - 749,999 SF
18
Big-box buildings
2
Fully vacant
750,000+ SF
Building inventory
Historical data
Occupier demand skyrocketed in 2020. This was combined with a pause in construction during portions of the first and second quarters, which delayed the delivery of new supply. Historic leasing activity has led to significant supply shortages in several size segments in the market, particularly in the 750,000 square feet plus range. Tighter market conditions and the prevalence of new, high-quality construction resulted in continued asking rental rate growth – even in localized areas where vacancy rose. E-commerce requirements represented an increasingly larger percentage of new transactions. The market outlook for 2021 is very strong. The occupier pipeline persists at above-average levels, and several larger developments are set to break ground in response to the supply deficit.
Mark Chubb
Senior Managing Director, Conshohocken
"
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At nearly 300 million square feet, the Southern New Jersey-Eastern Pennsylvania market is the second-largest big-box market in North America. With nearly 59 million people within 250 miles of its core and a plethora of logistics advantages, the market continues to post robust fundamentals. This is evidenced by the more than 34 million square feet of big-box leasing activity in 2020, nearly double the 2019 total, far surpassing the previous high-water mark set in 2017, and a record for the market.
The Southern New Jersey-Eastern Pennsylvania market had a record setting year
Eastern Pennsylvania
Southern New Jersey
324
Big-box buildings
27
Fully vacant
200,000 - 499,999 SF
109
Big-box buildings
5
Fully vacant
500,000 - 749,999 SF
127
Big-box buildings
5
Fully vacant
750,000+ SF
Building inventory
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