There are many different cities and regions across America experiencing a boom in industrial development right now. Here are five cities that have industrial markets that are on the rise.
As one of the largest cities in the Southern part of the United States, Atlanta has turned into the perfect place for many industrial companies to thrive, and it’s only going to get bigger in the near future. There are currently more than 23 million square feet of industrial space being added to Atlanta, and the good news is that there is a direct vacancy of about 7.8 percent, which has brought the average rent down to $4.50 per square foot in the area.
In recent years, developers in Chicago have added about 9 million square feet of industrial space to the city, and there are another 9 million square feet of space on the way. But there is still a big demand for space in the Windy City. The vacancy rate in Chicago sits at just 4.6 percent, so the average rent has been upped to almost $5 per square foot.
Northern New Jersey
The northern part of New Jersey is widely viewed as the most logical distribution hub for New York City, so there are lots of warehouses and other industrial spaces being built right now. There are about 10.6 million square feet of space under development at the moment with more to come soon. But the vacancy rate is only about 4.5 percent, so you can expect to pay upwards of $7.30 per square foot in average rent.
The port located in the city of Houston is the second-busiest port in the entire country. Therefore, Houston as a whole is adding industrial space rapidly. There has been almost 9 million square feet of space added since 2012, and more is expected to be developed soon. The average rent currently sits at about $5.80 per square foot with the vacancy rate hovering just over 5 percent.
There are two extremely large warehouses, including one for Amazon and one for General Motors, that were built in Kansas City in recent years, and they represent just a sliver of the overall development. More than 8 million square feet of industrial space has been added to the city, and the vacancy rate is at 5.5 percent. You can expect to pay a shade over $4.50 per square foot for rent.
Would you like to learn more about the available warehouse space in these five areas? Affiliated Warehouse Companies has you covered. We can also help you obtain warehouse space in many other parts of the U.S., Mexico, and Canada. Call us at 732-739-2323 today to get started.