DALLAS – Following a year of record deliveries, just 2.3 million sf of industrial space was added to the local market in first quarter 2018, according to a CBRE report.
Over 50 percent of the deliveries were precommitted. With 3.9 million sf of net absorption, vacancy dropped 64 basis points over the quarter to 5.8 percent.
At the end of the quarter, over 19.3 million sf of industrial space is under construction.
CBRE said third-party logistics companies, consumer goods suppliers, and e-commerce outfits led demand during the quarter, driven by the Metroplex's booming population. The area's population is predicted to grow 1.9 percent per year or 391 new people per day over the next five years.
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