Pre-leased completions totaled over 10.3 million sq. ft. year to date, and occupancy gains increased significantly. Demand for modern, state-of-the-art industrial facilities is expected to further kindle growth.
The region’s first built-to-suit multi-story industrial warehouse was built in Beaumont for a top e-commerce player. The 640,000-sq.-ft. and four-story facility is expected to generate at least 1,000 jobs.
Low vacancy in IEW propelled the market eastward, rendering the East an industrial honey. Supply in IEW remained low, given average vacancy has been 2.0% over the last 20 quarters.