By Commercial Property Executive | AZ Big Media
Following the explosive growth of the industrial sector in 2020, developers continue to move forward, with nearly 370 million square feet of projects underway at the end of April, according to CommercialEdge data. The rapid expansion of e-commerce companies persists in driving demand for modern facilities and industrial construction, as does recovering port traffic volumes.
As demand pushes costs higher in supply-constrained, mostly coastal markets, many developers have accelerated plans in lower-cost inland markets, with a heavy emphasis on the Sun Belt region. While traditionally attractive industrial markets such as Chicago, Los Angeles and Northern New Jersey have not lost their luster, Sun Belt markets now account for more than half of industrial projects nationwide. The table below, based on CommercialEdge data, highlights the top five markets in the region based on square footage under construction.
