by Jodi Summers
“What we’re trying to do is design the best building for the market.” Notes Panattoni Development partner Mark Payne.
The growth of Internet sales is creating a need for more warehousing. As you might expect, Los Angeles area industrial buyers place their priority on location. There is a desire for industrial sites near LAX, the Ports, UPS and FedEx stations. Taking a broader view, beyond local infill, there will be a demand for more distant locations where next-day delivery products can get shipped quickly and easily.
New development is going forward because experts praise the SoCal industrial real estate market as “by far the deepest and largest industrial market in the nation, with LA and Orange counties having the lowest and second-lowest vacancy rates at 2.4% 3.8%.”
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