Seattle Leads Global Prime Logistics Rents
Five of the 10 markets with the biggest industrial prime-rent gains of the past year are in the U.S., led by Seattle with a gain of 16.9%, Pennsylvania’s Lehigh Valley was up 10% and Oakland was up 9.3%, according to the “Global Industrial & Logistics Prime Rents” report from CBRE. U.S. industrial hubs posted the strongest growth in prime logistics rents for the past year, and Asian markets remained the world’s most expensive, as demand for top-quality warehouses and distribution centers continued to outpace supply globally.
CBRE’s Andrew Hitchcock says, “Industrial rents in the Puget Sound region have grown exponentially year over year. Class A and B industrial properties are leasing very quickly and at record high rents due to the lack of supply and accelerated demand for these types of facilities.”
The report found that prime rents in 70 major markets across the globe increased by 2.2% on average in Q1 2017, compared to the same period a year ago.
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