According to Cushman & Wakefield Research:
“Although speculative development is reaching pre-recession highs in many U.S. markets, large occupiers continue to prefer the build-to-suit (BTS) route. In 2013-2014, there were 16 BTS transactions of over 1 million square feet. Some of the reasons for this preference include the desire for some occupiers to own their own buildings and developers’ unwillingness to sell and also, a greater freedom of customization only available in buildings they own. Because of these reasons, developers are making many changes to the way they build speculative distribution centers in hopes of attracting users that would otherwise pursue a build-to-suit approach.