Developers aren’t slowing the pace of construction of North Texas industrial buildings. But there are signs that demand for warehouse space is slipping.
Developers completed more than 14 million square feet of area warehouse projects in the first three months of 2023.“Absorption in the first quarter was closer to those of first quarter 2019 than the record-setting figures in 2021 and 2022,” David Eseke, Cushman & Wakefield executive managing director, said in a statement.
Eseke said demand is slowing for big-box space totaling 300,000 square feet or more. “We’d expect vacancy to ramp up,” he said.The largest area warehouse leases in the first quarter included transactions by DSV Global Transport and Logistics ,Southern Dallas County, with 2.3 million square feet of net leasing, and the Alliance area, with 1.8 million square feet, saw the most industrial demand so far in 2023.“A trend we continue to see is the lengthening of the occupancy process,” he said.
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