December 26, 2003—ProLogis,a global provider of distribution facilities and services, recently released its first market research report on the top thirty distribution and warehouse markets in the United States. The “U.S. Property Market Review” projects which U.S. markets are likely to recover faster than others.
The report contains fundamental market information concerning total stock in-place, new facility starts and deliveries, asking rents, vacancy rates, and additional information pertinent to the warehouse and distribution property markets.
Key findings of the report include:
- 2004 should witness a cyclical upturn in the warehouse and distribution property markets, with a reduction in vacancy rates by 75 to 125 basis points.
- Asking rents are still losing ground nationwide. Taking rents, however, appear to have bottomed out and stabilized.
- Individual markets that are expected to recover faster than others include Los Angeles, Reno, Las Vegas, and New Jersey.
- Individual markets that are expected to recover slower than others include San Francisco’s South Bay submarket, Louisville, Baltimore, Dallas, St. Louis, Cincinnati, and Tampa.
