Jan. 13, 2016—Empty warehouses are becoming endangered species. Real-estate brokerage CBRE Inc. reports that the availability rate for industrial property—which means warehouses and distribution centers—fell to 9.4 percent in the fourth quarter of 2015, capping 23 consecutive quarters of falling availability, the longest such stretch since CBRE started following it in 1989.
Availability is a real-estate industry term that refers to the total amount of space that is available for lease, either because it is vacant now or is being marketed because it will soon be vacant.
Jeffrey Havsy, CBRE’s chief economist for the Americas, said that the crunch is a result of steady growth in demand as the economy improves, paired with the fact that few new warehouses are being built.
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