The U.S. industrial property market is making strong headway into recovery according to a report by Colliers. The nation's industrial property sector absorbed 28.6 million square feet in the fourth quarter of 2010, driving the sector into a net gain for the year. Colliers expects this robust activity to signal continued improvement for this market.
Areas experiencing significant acceleration in their industrial property markets included Charleston, South Carolina; Cincinnati; Dallas-Fort Worth; California's Inland Empire; Little Rock, Arkansas; New Jersey; Philadelphia; Phoenix; and Savannah, Georgia.
Asking rents for industrial space averaged $4.60 per square foot, a slight drop. But increasing demand for space, minimal new construction, and a vacancy rate of 10.74 percent (which is expected to drop) will put the sector in a strong place for 2011.
"The national industrial market has made a significant rebound and is positioned to meet, and possibly exceed, growth expectations in 2011," said Dylan Taylor, CEO for Colliers International in the U.S. "The fundamentals continue to improve, and barring any unforeseen events, we are confident that the industrial sector will have an extremely positive year."