Leasing Velocity and Fundamentals Maintain Strength
Key Takeaways
• Building B at Deepwater Industrial Park traded for $127.7 million, or $106
per-square-foot and was the largest single building sale in 2022. The property
delivered in Q3 2022 and was fully leased and occupied with Lowe’s as the
sole tenant at the time of sale.
• Leasing activity in the fourth quarter posted 619,000 square feet of volume
with annual volume recording over 6 million square feet. Notably, 50% of
leases signed over the quarter were pre-leases and 100% of all transactions
were new.
• Tenants in the market requirement volume ended the year with nearly 6.4
million square feet, a 17.7% jump year-over-year and a 20.0% jump over the
quarter, indicating demand in the market is still strong. The median requirement
size also sharply increased to 100,000 square feet, an 82% jump over
the year and a 100% jump over the quarter.