These figures are among other conclusions in “U.S. Construction Pipeline: Year-end 2003, a proprietary semi-annual research report from provider of global distribution facilities and services, ProLogis. According to the report, six of the country’s top 30 markets more than doubled new facility starts last year over the year before – Charlotte, Columbus, Indianapolis, Louisville, Northern New Jersey and Phoenix. There were no new starts in Austin, San Francisco, St. Louis and Tampa.
Boom and bust cycles have been the rule of late in commercial real estate, with 2000 being the most recent high point in construction of new warehousing and distribution facilities. In spite of growth in construction in 2003, those starts were almost 40% below those of 2000.
For a copy of the report, visit ir.prologis.com and go to the “Proprietary Research” page.