Local industrial market booms with early-year sales, setting promising stage
“It’s just a super exciting time to be in real estate as our economy is going through this transformation,” said Kemp Conrad of Cushman & Wakefield.
There are 30 article(s) tagged Cushman & Wakefield | Commercial Advisors:
“It’s just a super exciting time to be in real estate as our economy is going through this transformation,” said Kemp Conrad of Cushman & Wakefield.
A Shelby Drive industrial building will be auctioned off, an insurance agency is expanding to East Memphis and a wholesaler moved to Pleasant View Road.
The Memphis office market is starting to gain momentum again since the pandemic. But the tenants are more picky.
Watertower Place at Forest Hill to open in Germantown, First Congregational Church to sell two buildings and Oteka Technologies relocates.
Cushman & Wakefield | Commercial Advisors released its industrial market report for quarter four of 2024, which shows high supply and low demand. Memphis Education & Research Institute plans to build a new office and storage facility.
AAON buys a Memphis property through Cushman & Wakefield Commercial Advisors.
CBRE and Cushman & Wakefield | Commercial Advisors released their quarterly market industrial reports with both showing cautious optimism for the fourth quarter.
A sneaker and vintage clothing store will open within the next month in the Broad Avenue Arts District, two East Germantown hotels are renovated, a marketing agency joins Primacy II tenant list and 15 acres in Southeast Memphis were sold.
A medical office building fully leased by Baptist Medical Group has been sold. Plus, Ameriflo has a new global headquarters.
The Scotts Co. is leasing a warehouse for a distribution center, Wells Fargo moves by the Regalia Shopping Center, and four lease renewals with expansions at Clark Tower and more.
Metro Volleyball training facility renews its five-year lease and expands into adjacent space. Also, Southwood Townhomes have been bought, Minuteman Press relocated and two new tenants are in Clark Tower.
Forked River Commons in Millington gains two tenants, Crosstown Shoppes signs two leases, Great Escape Coaching moves into a Ridgeway Center office building, and The Daily Memphian looks for a new home.
Economic development has surged in the Memphis area following the COVID-19 pandemic-induced slowdown. That was the message at a seminar hosted by The Daily Memphian Thursday, Nov. 30.
This week’s Inked covers news on Cushman & Wakefield’s industrial estate report, the new Rumble Boxing location and Drapac Capital leaving Memphis.
Memphis office space rents have increased as availability has decreased since the fourth quarter of 2021.
According to Cushman & Wakefield/Commercial Advisors, total new direct leasing activity for 2021 topped 19 million square feet.
So far this year, a total of 10.1 million square feet of new or renewed leases of industrial space have been signed. That’s just 600,000 square feet short of the record-setting 2019, and it’s only July.
Laura Meanwell has worked as an engineer, led a successful campaign to change Germantown school hours, served on civic commissions, and even been a “director of euphoric events.” Now, she has a job that’s unusual for women in Memphis: Industrial real estate broker.
Last year was the second-strongest for for industrial real estate ever recorded by Cushman & Wakefield/Commercial Advisors. But in just the first three months of 2021, the net, new space absorbed by users has already reached 68% of last year’s total.
Eight transactions for Class A industrial space, totaling 2.4 million square feet, have either been completed or are pending during the first three weeks of January, reports Cushman & Wakefield/Commercial Advisors.
The Quebec-based Quint Group paid $8.75 million to Illinois-based Agracel Inc. for a 258,000-square-foot industrial building. Kemp Conrad, a principal with Cushman & Wakefield/Commercial Advisors, will represent Quint Group in leasing the building.
Completed in 2019 at 6200 Global as the city’s first spec warehouse in 11 years, the 421,000-square-foot, Class A facility quickly landed a tenant and has just sold for a second time. And, several other speculative logistics centers in Memphis are in the pipeline.
Despite COVID-19, companies have absorbed more than 3 million square feet than they have vacated in the Memphis area during 2020.
Strong industrial real estate activity happened in the Memphis market during April, May and June, in part because of the pandemic, not despite it.
The by-appointment-only bridal boutique shop started in Cooper-Young, moved to East Memphis, and now moves to the South Main District.
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