By way of industrial land, most of the prime business parks are developer controlled or owned at this point in the cycle. While many developers are more comfortable with the land positions and inventory they possess, a select group are still looking for well-located sites.
According to Noam Newman of Cushman & Wakefield NorthMarq, “With users such as Star Exhibits, Wagner Spray Tech and Americsource Bergen leaving multi-tenant buildings for build-to-suits and thus creating additional vacancy, we anticipate more of a developer focus on build-to-suit construction rather than speculative multi-tenant buildings.”
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Noam Newman is a Senior Associate in Brokerage Services.