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Seaports and Airports: 2011 Real Estate Outlook

In its second annual Ports Airports and Global Infrastructure report, Jones Lang LaSalle reviews the 2010 commercial real estate landscape surrounding the nation's cargo hubs.

John Carver, Executive Vice President, Ports Airports and Global Infastructure Group, Jones Lang LaSalle (2011 Directory)
(page 3 of 3)
Meanwhile, the Dallas/Forth Worth airport has experienced an industrial vacancy increase, with current figures at 19.4 percent. This is the highest rate of the 11 markets Jones Lang LaSalle analyzed. and is attributed to an abundance of new development rather than a lack of industrial real estate demand.

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Outlook
As with seaports, the most successful airports in the future will likely expand to include multimodal capabilities and partner to create new development that integrates logistics or improves distribution functionality. Vacancy levels have crested in most major U.S. airport industrial markets, but real growth may not be realized until late 2011 if consumer demand falters and air cargo numbers continue to drop. Recent terror attempts on cargo planes will likely result in tighter security restrictions that may temporarily slow cargo volume levels. Regardless, 2010 has been a positive year that greatly improved from 2009. More indicators point towards long-term optimism, even if the short-term outlook is unstable. We expect 2011 to mark a turnaround in the industrial and logistics real estate markets around our major cargo hubs.
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