Delivery of the 711,000 sq. ft. Dragstrip Logistics Center has brought year to date completions to 3.5 million sq. ft. – still behind over 4.3 million sq. ft. that has been absorbed over the course of 2020.
55% of all annual absorption was driven by e-commerce firms, catapulting the typical 1 – 2 million sq. ft. annual trend to a record high.
While average lease rates have mostly stabilized over the year, cap rate compression continues, with top of market assets guiding towards low-mid four percent.