North Texas' booming industrial building market shows no sign of a slowdown so far in 2018.
Warehouse and distribution tenants net leased almost 4 million square feet of additional Dallas-Fort Worth space in the first quarter, according to a new report by CBRE.
Most of the industrial leasing was in the Arlington-Grand Prairie area, in North Fort Worth and near DFW International Airport.
The largest leases were signed by companies including Tellworks Communications, Exel Logistics, ProPac and Dart Warehouse, according to CBRE.
"Unsurprisingly, third party logistics companies, consumer goods suppliers and e-commerce outfits led demand during first quarter 2018," CBRE Director of Research and Analytics Robert Kramp said in a new report. "These three key industries, driven by the Metroplex's booming population, have been absolute juggernauts this cycle in terms of driving demand for industrial space."
Less than 6 percent of D-FW's warehouse space was empty at the end of March -- one of the lowest vacancy rates in decades.
More than 19 million square feet of additional warehouse and industrial space was being built in the first quarter. And about 45 percent of what's being built is already leased to tenants.
Most of the new industrial construction -- almost 8 million square feet -- is being built in southern Dallas County.
