Industrial real estate company IDI has surpassed 6 million square feet in leasing activity between January 1 and June 30 across eight U.S. markets.This marks a 250 percent increase over the same period last year.
“Leasing activity for the first half of the year has been the strongest since 2006. As the industry continues to rebound from the recession, we are excited about what the future has in store for us, our tenants and the communities we serve,” said Tim Gunter, IDI’s president and chief executive officer, in a written statement.
The Memphis market, which was IDI’s most active market in 2012, continues to be the most active market through June 30 in part because of two industrial property leases totaling 788,148 square feet. Additionally, the market saw the expansion of Crossroads Distribution Center to meet growing demand. Building L, slated to be 241,994 square feet with an October completion date, broke ground in June. Building D, scheduled to be 241,920 square feet and delivered in November, also broke ground in June. Crossroads B reached 100 percent occupancy in April with a 117,181-square-foot lease.
The Chicago market has seen leasing activity reach more than 1 million square feet to date in 2013. Prairie Point West Building A reached 100 percent occupancy thanks to a 116,015-square-foot-lease with H&K International, Inc, a global supplier of stainless steel kitchen equipment and service solutions company to the food service industry.
The Cincinnati market has seen leasing activity reach 729,694 square feet. Blue Buffalo, a premium pet food company, recently signed a 390,766-square-foot lease to bring Monroe Logistics Center B to 100 percent occupied. The market will also see the start of construction on Park North Building 4, a 649,116-square-foot facility scheduled to be delivered in early 2014.
