Be sure to check out our latest Industrial Market Report featuring insight from industrial agents Rick Foss and Brock Amundson.
“Year end results for 2014 in the valley’s industrial market give reason for optimism for 2015. The sector experienced over 7 million SF of net absorption in 2014, the strongest growth since 2005. This is a significant feat considering that 6.38 million SF of new construction was delivered in 2014. This marks the highest amount since 2008. Additionally, another 2.76 million SF is currently under construction as of the beginning of 2015. Further proof of the improving market was seen with a 3.5% increase in rental rates, for 2014, the third straight year of raising rents. This continued improvement is due in part to an improving economy, tightening of available product and job growth; the unemployment rate dropped to 5.9% from 6.8% at the mid-year point.”