North Texas industrial construction nearly doubled in 2014
DALLAS-FORT WORTH – The North Texas industrial market just closed its biggest construction year in more than a decade.
At the end of 2014, 15.3 million sf of warehouse space was under construction, according to JLL.
Ongoing construction is up from 8.8 million sf at the end of 2013 and just 1 million sf at year-end 2012.
Only 5.8 percent of DFW industrial building space is empty, about the same vacancy rate as a year ago. Net warehouse leasing last year totaled 12.9 million sf, thanks to expanding and relocating industrial tenants.
Ulta Inc., the retailer of cosmetic and salon products, has agreed to an almost 700,000-sf warehouse lease on I-20 in the Mountain Creek business park.
The biggest building to open last year was Procter & Gamble’s 1.4 million-sf warehouse in Wilmer.
Of the warehouse space that’s being built in North Texas, the largest chunk of construction is in southern Dallas County along I-20 and I-45. Almost 7 million sf of warehouse building was underway in that market at the end of 2014, according to JLL.
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