The problems of the manufacturing and wholesale distribution sectors of the nation's economy continued to weigh heavily upon the demand for industrial space into the fall of last year. The national availability rate for industrial space increased from 8.8 percent during the second quarter to 9.5 percent in the third quarter. The vacancy rate increased an identical 0.7 percent between the first and second quarters of the year.
The July-September 2001 industrial vacancy rate was 1.8 percent higher than that recorded during the third quarter of 2000. A CB Richard Ellis survey measures the supply of available space in manufacturing plants and warehouse buildings of 100,000 square feet or larger. Vacancy rates for industrial space during the third quarter of 2001 ranged from lows of 1.8 percent in Albuquerque, N.M.; 4 percent on Long Island, N.Y.; and just under 6 percent in Palm Beach, Fla., and San Diego to a high of 25.7 percent in the Jacksonville, Fla., metropolitan area.
Between the second and third quarters of last year, the industrial vacancy rate in both the Baltimore and Long Island, N.Y., markets declined by 2.7 percent. At the same time, increases of more than 3 percent were recorded in Portland, Ore. (+3.7 percent); Indianapolis (+4.0 percent), and Charlotte, N.C. (+4.5 percent).
Market industrial vacancy rates (Percentage of industrial space available)
| Source: C.B. Richard Ellis | |
| Five highest | |
| Jacksonville. Fla. | 25.7% |
| Baltimore | 17.2 |
| Washington, D.C. | 14.7 |
| Tucson, Ariz. | 13.9 |
| Columbus, Ohio | 13.5 |
| Five lowest | |
| Albuquerque, N.M. | 1.8% |
| Long Island, N.Y. | 4.0 |
| Palm Beach, Fla. | 5.4 |
| San Diego | 5.6 |
| Kansas City | 6.4 |
Cost comparisons per square foot in select metro markets
| Office 2-4 stories | Office 5-10 stories | Office 11-20 stories | Medical office | |||||||||
| NOTE: Costs are for the basic building and do not include sitework, land, development, specialty finishes or equipment. Square foot costs vary significantly from project to project because of quality, complexity and economic climate. For a detailed list of building components included in these figures, see Means Square Foot Costs. R.S. Means Co., P.O. Box 800, Kingston, MA 02364, (781) 585-7880, (800) 448-8182 For more data, visit R.S. Means on the Web at www.rsmeans.com. To use an interactive tool that helps estimate costs, visit www.buildingteam.com. | ||||||||||||
| '02 | '01 | % chg. | '02 | '01 | % chg. | '02 | '01 | % chg. | '02 | '01 | % chg. | |
| Atlanta | 95.56 | 93.56 | 2.1 | 84.45 | 82.64 | 2.2 | 81.49 | 79.43 | 2.6 | 111.46 | 106.79 | 4.4 |
| Baltimore | 97.58 | 96.50 | 1.1 | 86.24 | 85.24 | 1.2 | 83.22 | 81.93 | 1.6 | 113.83 | 110.14 | 3.3 |
| Boston | 122.65 | 120.75 | 1.6 | 108.39 | 106.06 | 1.6 | 104.59 | 102.52 | 2.0 | 143.06 | 137.83 | 3.8 |
| Chicago | 119.45 | 116.97 | 2.1 | 105.56 | 103.32 | 2.2 | 101.86 | 99.31 | 2.6 | 139.33 | 133.51 | 4.4 |
| Cleveland | 109.53 | 108.05 | 1.4 | 96.79 | 95.44 | 1.4 | 93.41 | 91.74 | 1.8 | 127.76 | 123.33 | 3.6 |
| Dallas | 90.87 | 89.25 | 1.8 | 80.30 | 78.84 | 1.9 | 77.49 | 75.78 | 2.3 | 105.99 | 102.61 | 3.3 |
| Denver | 101.64 | 99.96 | 1.7 | 89.82 | 88.30 | 1.7 | 86.68 | 84.87 | 2.1 | 118.55 | 114.10 | 3.9 |
| Detroit | 113.58 | 111.51 | 1.9 | 100.38 | 98.50 | 1.9 | 96.86 | 94.68 | 2.3 | 132.49 | 127.28 | 4.1 |
| Houston | 94.17 | 92.09 | 2.3 | 83.22 | 81.34 | 2.3 | 80.31 | 78.18 | 2.7 | 109.85 | 105.69 | 3.9 |
| Kansas City | 107.40 | 105.00 | 2.3 | 94.91 | 92.75 | 2.3 | 91.59 | 89.15 | 2.7 | 125.27 | 119.85 | 4.5 |
| Los Angeles | 115.50 | 113.93 | 1.4 | 102.07 | 100.63 | 1.4 | 98.50 | 96.73 | 1.8 | 134.73 | 130.04 | 3.6 |
| Miami | 90.76 | 90.41 | 0.4 | 80.21 | 79.86 | 0.4 | 77.40 | 76.76 | 0.8 | 105.86 | 103.19 | 2.6 |
| Minneapolis | 117.32 | 117.18 | 0.1 | 103.68 | 103.51 | 0.2 | 100.05 | 99.49 | 0.6 | 135.47 | 133.75 | 1.3 |
| New Orleans | 91.19 | 89.99 | 1.3 | 80.58 | 79.49 | 1.4 | 77.76 | 76.40 | 1.8 | 106.36 | 102.71 | 3.6 |
| New York City | 143.55 | 141.23 | 1.6 | 126.86 | 124.75 | 1.7 | 122.42 | 119.91 | 2.1 | 167.44 | 161.20 | 3.9 |
| Philadelphia | 118.59 | 116.97 | 1.4 | 104.81 | 103.32 | 1.4 | 101.14 | 99.31 | 1.8 | 138.33 | 133.51 | 3.6 |
| Phoenix | 95.35 | 93.77 | 1.7 | 84.26 | 82.83 | 1.7 | 81.31 | 79.61 | 2.1 | 111.21 | 107.03 | 3.9 |
| Pittsburgh | 108.46 | 106.47 | 1.9 | 95.85 | 94.05 | 1.9 | 92.50 | 90.40 | 2.3 | 126.51 | 121.53 | 4.1 |
| Portland | 112.84 | 112.04 | 0.7 | 99.72 | 98.96 | 0.8 | 96.23 | 95.12 | 1.2 | 131.62 | 127.88 | 2.9 |
| St. Louis | 109.85 | 108.36 | 1.4 | 97.08 | 95.72 | 1.4 | 93.68 | 92.00 | 1.8 | 128.13 | 123.69 | 3.6 |
| San Diego | 112.84 | 111.62 | 1.1 | 99.72 | 98.59 | 1.1 | 96.23 | 94.77 | 1.5 | 131.62 | 127.40 | 3.3 |
| San Francisco | 132.67 | 128.73 | 3.1 | 117.25 | 113.71 | 3.1 | 113.14 | 109.30 | 3.5 | 154.75 | 146.94 | 5.3 |
| Seattle | 112.41 | 109.62 | 2.5 | 99.34 | 96.83 | 2.6 | 95.86 | 93.07 | 3.0 | 131.12 | 125.12 | 4.8 |
| Washington, D.C. | 100.78 | 99.54 | 1.3 | 89.07 | 87.93 | 1.3 | 85.95 | 84.51 | 1.7 | 117.56 | 113.62 | 3.5 |
| Winston/Salem | 80.41 | 79.70 | 0.9 | 71.06 | 70.40 | 0.9 | 68.58 | 67.66 | 1.3 | 93.80 | 90.97 | 3.1 |
