The availability of industrial space in large buildings (100,000 sq. ft. or more) slipped from 8.3% in the second quarter of 1999 to 8.1% in the third quarter, according to Cahners Economics, which based its report on findings from CB Richard Ellis. The survey measures the supply of available space in manufacturing plants and warehouses for both existing and under-construction buildings.
The supply of available space was also down from 8.4% in the third quarter of 1999. Construction rates for these kinds of facilities, however, also decreased; demand was just strong enough to keep the vacancy rate from climbing.
The sharpest declines in industrial vacancy rates occurred in markets in the metropolitan areas of Dallas; St. Louis; Fresno, Calif.; Albuquerque, N.M.; and Salt Lake City.
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