Polk industrial market surging
Industrial space in Polk County is expanding significantly as a result of several major build-to-suit and speculative developments that have recently come on line, according to a new report.
Commercial real estate brokerage CBRE Inc. says the county had a “massive quarter for deliveries” in the three-month period ended Sept. 30, the result of new projects for Wal-Mart Stores Inc. in Davenport and five spec buildings in the Park 27 Distribution Center and the Four Corners Business Park, among other projects.
The submarket's health has prompted investment in existing buildings in the county, too, led recently by Monmouth Real Estate Investment Corp.'s $37.8 million purchase of a FedEx-occupied property at 5000 N. Ridge Trail.
Polk County's 43 million-square-foot industrial market absorbed 2.15 million square feet between June and September, and rental rates edged up to $4.64 per square foot.
That trend is likely to continue in the county as some 4.5 million square feet of new industrial space is currently under construction, according to CBRE.