The national availability rate for industrial space declined from 7.1 percent during the first quarter of 2000 to 6.7 percent between April and June this year-the lowest rate in over four years. This marks the fifth consecutive quarterly decline in the sector.
The second-quarter 2000 industrial vacancy rate was 0.8 percent lower than during the same quarter of 1999.
This Torto Wheaton Research survey measures the supply of available space in manufacturing plants and warehouse buildings. Vacancy rates as of the middle of this year ranged from lows of 1.9 percent to 11.7 percent.
NOTE: Costs as shown are for the basic building and do not include: 1. sitework (site clearing and grading, utilities, paving, landscaping, site improvements); 2. land costs; 3. development costs; 4. specialty finishes or equipment. Square foot costs vary significantly from project to project due to quality, complexity and economic climate. Each project should be examined individually. 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 atwww.rsmeans.com.To estimate project costs, visitwww.buildingteam.com.
Rental vacancy rates lowest in Northeast, West (Percent of all rental units available for occupancy)
| Second quarter 1999 | Second quarter 2000 | |
|---|---|---|
|
U.S. average |
8.1% |
8.0% |
|
Inside metro areas |
7.9 |
7.6 |
|
Outside metro areas |
9.2 |
10.1 |
|
Northeast |
7.0 |
5.8 |
|
Midwest |
8.2 |
8.3 |
|
South |
10.2 |
10.5 |
|
West |
6.1 |
6.0 |
Source: U.S. Department of Commerce
Market industrial vacancy rates (Second quarter 2000)
| Five highest | |
|---|---|
|
Westchester County (NY) |
11.7% |
|
Miami |
10.5 |
|
Sacramento |
10.1 |
|
Ventura County (CA) |
10.0 |
|
Hartford (CT) |
9.9 |
|
Five lowest |
|
|
San José (CA) |
1.9% |
|
Austin (TX) |
2.1 |
|
San Francisco |
2.2 |
|
Minneapolis |
3.6 |
|
West Palm Beach (FL) |
4.7 |
Source: Torto Wheaton Research
Commercial, industrial & institutional (CII) construction spending (Billions of current dollars)
| Spending in July 2000 | Percent change from July 1999 | Spending in Jan.-July 2000 | Percent change from Jan.-July 1999 | 1999 total spending | Annual percent change 1999 | 2000 | 2001 | |
|---|---|---|---|---|---|---|---|---|
|
CII total |
$26.11 |
9.1 |
$169.35 |
9.8 |
$273.47 |
3.6 |
6.7 |
3.4 |
|
Commercial |
11.37 |
10.9 |
74.21 |
9.7 |
119.65 |
8.1 |
5.6 |
0.4 |
|
Office |
4.43 |
15.7 |
29.88 |
12.9 |
46.57 |
10.3 |
8.8 |
5.1 |
|
Retail |
5.51 |
8.9 |
34.59 |
9.4 |
57.14 |
6.6 |
5.6 |
-4.0 |
|
Hotel/motel |
1.43 |
4.5 |
9.75 |
1.8 |
15.94 |
7.6 |
-3.7 |
2.0 |
|
Industrial |
3.26 |
7.5 |
21.63 |
5.6 |
34.90 |
-13.8 |
7.7 |
5.0 |
|
Institutional |
11.49 |
7.8 |
72.51 |
11.1 |
118.92 |
5.4 |
7.6 |
6.0 |
|
Health care |
1.67 |
17.1 |
11.07 |
11.3 |
17.59 |
-0.6 |
7.1 |
2.8 |
|
Education |
5.32 |
10.0 |
31.61 |
15.8 |
49.51 |
7.8 |
11.0 |
8.0 |
|
Other institutional |
4.50 |
2.4 |
30.83 |
6.7 |
51.82 |
5.3 |
4.6 |
5.1 |
|
Multifamily |
2.33 |
-2.1 |
16.29 |
4.5 |
27.26 |
10.9 |
2.0 |
4.4 |
Source: U.S. Dept. of Commerce; forecast: Cahners Economics
Cost comparisons per square foot in select metro markets
| Hospital, 2-3 stories '00 | '99 | % chg. | Hospital, 4-8 stories '00 | '99 | % chg. Nursing home '00 | '99 | % chg. | Apartment building, 8-24 stories '00 | '99 | % chg. | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Atlanta |
128.51 |
115.80 |
11.0 |
108.60 |
100.13 |
8.5 |
80.01 |
74.17 |
7.9 |
96.15 |
86.97 |
10.6 |
|
Baltimore |
131.23 |
118.89 |
10.4 |
110.89 |
102.80 |
7.9 |
81.70 |
76.16 |
7.3 |
98.18 |
89.30 |
9.9 |
|
Boston |
167.25 |
151.65 |
10.3 |
141.34 |
131.12 |
7.8 |
104.13 |
97.14 |
7.2 |
125.13 |
113.90 |
9.9 |
|
Chicago |
158.67 |
143.91 |
10.3 |
134.09 |
124.43 |
7.8 |
98.79 |
92.18 |
7.2 |
118.71 |
108.08 |
9.8 |
|
Cleveland |
147.81 |
133.21 |
11.0 |
124.91 |
115.18 |
8.4 |
92.03 |
85.33 |
7.9 |
110.59 |
100.05 |
10.5 |
|
Dallas |
124.65 |
112.83 |
10.5 |
105.34 |
97.56 |
8.0 |
77.61 |
72.28 |
7.4 |
93.26 |
84.74 |
10.0 |
|
Denver |
136.23 |
122.50 |
11.2 |
115.12 |
105.93 |
8.7 |
84.82 |
78.47 |
8.1 |
101.92 |
92.01 |
10.8 |
|
Detroit |
151.53 |
136.94 |
10.6 |
128.05 |
118.41 |
8.1 |
94.34 |
87.82 |
7.5 |
113.37 |
102.85 |
10.2 |
|
Houston |
128.51 |
116.18 |
10.6 |
108.60 |
100.46 |
8.1 |
80.01 |
74.42 |
7.5 |
96.15 |
87.26 |
10.2 |
|
Kansas City |
142.81 |
127.92 |
11.6 |
120.68 |
110.61 |
9.1 |
88.91 |
81.94 |
8.5 |
106.84 |
96.08 |
11.2 |
|
Los Angeles |
157.25 |
143.26 |
9.8 |
132.88 |
123.88 |
7.3 |
97.90 |
91.77 |
6.7 |
117.65 |
107.60 |
9.3 |
|
Miami |
124.51 |
113.09 |
10.1 |
105.22 |
97.79 |
7.6 |
77.52 |
72.44 |
7.0 |
93.15 |
84.94 |
9.7 |
|
Minneapolis |
159.25 |
143.39 |
11.1 |
134.57 |
123.99 |
8.5 |
99.15 |
91.85 |
7.9 |
119.14 |
107.70 |
10.6 |
|
New Orleans |
124.08 |
111.15 |
11.6 |
104.85 |
96.11 |
9.1 |
77.25 |
71.20 |
8.5 |
92.83 |
83.48 |
11.2 |
|
New York City |
193.70 |
173.82 |
11.4 |
163.68 |
150.30 |
8.9 |
120.60 |
111.34 |
8.3 |
144.92 |
130.55 |
11.0 |
|
Philadelphia |
160.39 |
144.42 |
11.1 |
135.54 |
124.88 |
8.5 |
99.86 |
92.51 |
7.9 |
120.00 |
108.47 |
10.6 |
|
Phoenix |
129.08 |
116.44 |
10.9 |
109.08 |
100.68 |
8.3 |
80.37 |
74.59 |
7.7 |
96.58 |
88.06 |
9.7 |
|
Pittsburgh |
147.38 |
133.08 |
10.7 |
124.54 |
115.07 |
8.2 |
91.76 |
85.24 |
7.6 |
110.27 |
99.95 |
10.3 |
|
Portland |
154.53 |
137.85 |
12.1 |
130.58 |
119.19 |
9.6 |
96.21 |
88.30 |
9.0 |
115.61 |
103.53 |
11.7 |
|
St. Louis |
148.10 |
133.59 |
10.9 |
125.15 |
115.51 |
8.3 |
92.20 |
85.57 |
7.7 |
110.80 |
100.34 |
10.4 |
|
San Diego |
153.39 |
138.49 |
10.8 |
129.62 |
119.75 |
8.2 |
95.50 |
88.71 |
7.6 |
114.76 |
104.02 |
10.3 |
|
San Francisco |
177.26 |
160.93 |
10.1 |
149.79 |
139.15 |
7.6 |
110.36 |
103.08 |
7.1 |
132.62 |
120.87 |
9.7 |
|
Seattle |
151.81 |
137.46 |
10.4 |
128.29 |
118.86 |
7.9 |
94.52 |
88.05 |
7.3 |
113.58 |
103.24 |
10.0 |
|
Washington, D.C. |
137.66 |
124.44 |
10.6 |
116.33 |
107.60 |
8.1 |
85.71 |
79.71 |
7.5 |
102.99 |
93.46 |
10.2 |
|
Winston/Salem |
110.07 |
101.10 |
8.99 |
3.02 |
87.42 |
6.46 |
8.53 |
64.76 |
5.88 |
2.35 |
75.93 |
8.5 |
