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Daily Real Estate News | May 2, 2007 |
Report: Industrial Property Demand Falls
The 2007 industrial real estate market got off to a slow start, according to a report by Colliers International.
Occupied space increased by just 27.3 million square feet, compared with 36.9 million square feet in the fourth quarter of 2006. Fewer buildings were completed during the quarter than were expected, keeping the rise in vacancies to just four basis points.
Thirteen percent of markets are forecasting demand to drop further in the current quarter.
"Despite a slow start, it's too early to sound the alarm," says Ross Moore, senior vice president and director of market and economic research at Colliers International. "The underlying economy, with the exception of the housing sector, continues to register measured growth, which we believe will eventually help bolster the warehouse leasing market."
— REALTORŪ Magazine Online
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