Article submitted by Bob Kirby, Associate Broker at Saurage Rotenberg Commercial Real Estate.
Written by Tim Trainor, CoStar Group, July 31, 2013
Rents in a handful of top warehouse distribution markets posted year-over-year rent gains of 5% or more in the second quarter, virtually unheard of in the staid property sector more accustomed to 1.3% annual rental rate growth.
For the U.S. warehouse market as a whole, the average asking net rent rose to $4.75 per square foot, a 2.1% increase from one year ago. The upward trend in rents was boosted by 37.3 million square feet of positive net absorption during the quarter, the second largest quarterly absorption since the recovery started, and reflected continued steady demand from warehouse-distribution tenants at a time when very little new space is being added by developers.
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Bob Kirby, a commercial leasing and sales consultant with Saurage Rotenberg Commercial Real Estate, has over 37 years of sales and management experience. Licensed in Louisiana and Mississippi, Bob is a member of the Mississippi Commercial Association of REALTORS® (MCAR); the Greater Baton Rouge Association of REALTORS® Commercial Investment Division; a candidate member of the Certified Commercial Investment Member Institute (CCIM); and an affiliate member of the National Association of REALTORS® (NAR) and NAR Commercial.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).
