Older infill industrial buildings have a 2.5% vacancy rate versus 6.7% for traditional warehouses, because zoning makes it hard to build new yard space. Tommy Dobczyk explains why smaller, existing properties outperform large speculative ones.
Are you in the deal room, Blake? It means— and what it says is this matters because the buildings around the site are mostly older, smaller infill industrial products, not giant speculative boxes. And we have that out, out in off of the 303. So that's why you see a 6% and a 6.5% vacancy rate on buildings between 100,000 and 3,000, right? So open lot, I.O.S., vacancy rates. Says that the I.O.S. vacancy rate averaged 2.5% in Q4 versus 6.7% for the traditional industrial space. I would treat that 2.5% as a directional signal, not as a Phoenix Grand Avenue fact, but it supports the idea that usable industrial yard inventory is usually, usually much tighter than the building inventory because zoning is limited and replacement supply is hard to create.
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