The construction pipeline for industrial space in Greater Memphis, Tennessee set a new record as developers continue to be active in Memphis, according to CoStar, a global leader in commercial real estate information. In fact, in a February 2020 publication from Costar, they cite that Greater Memphis was on track to expand its industrial footprint at the fastest pace in the nation with more than 3 million SF has delivered in 2020 and had over 11.9 million square feet of industrial space underway.
over 11.9 million Square Feet of industrial space underway.
"Industrial development continues to increase across Memphis, Tennessee. More than 11 million square feet is underway, with most of it expected to be completed by the end of the year. With more than 4% of current inventory under construction, no major city’s industrial stock is rising faster than Memphis’. Only Phoenix is on par with Memphis."
MEMPHIS INDUSTRIAL SPACE UNDER CONSTRUCTION
Shown right, a snapshot of the under construction pipeline for industrial space paints a picture of the strong market fundamentals for industrial operations in Greater Memphis. Highlighted within, as of Q1 2020 approximately 11.9 million square feet was under construction, 40% of which is available and not preleased.
Noted within the report, "At first glance, a swelling construction pipeline might be seen as concerning for industrial owners across Memphis. However, the speculative portion of the space underway trails other large industrial markets. Cities such as Atlanta,Dallas-Fort Worth and the Inland Empire have more than 60% of their respective pipelines unleased, compared to Memphis’ 40%."
MARKET SNAPSHOT: INDUSTRIAL
* Data supplied by CoStar Analytics, numbers reflect the Memphis TN-MS-AR MSA
With our strategic Mid-South location, Greater Memphis links domestic and international supply chains with exceptional air, road, rail, and port infrastructure. Leveraging these assets, Memphis is the location of choice for manufacturing and distribution operations.
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In 2019 our team of business development specialists engaged in 23 successful project announcements which accounted for over 3,300 total new jobs announced and over $500 million in planned capital investment.
Paired with our strong specialization in industrial operations, the Greater Memphis, Tennessee region continues to maintain a pro-business mindset across industry segments. To strengthen our regional market, we are supporting new growth and investment through site readiness, workforce alignment and taking a forward look into crafting a competitive market for investment in a post COVID-19 environment.
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