Real Estate Market Conditions: Industrial

Written by nereal on January 14, 2015

Real Estate Market Conditions: Industrial

Picture of The Blodgett Oven building in Essex Junction, VT.

The Blodgett Oven building in Essex Junction, VT.

The industrial market has reflected the improved economy in Chittenden County and has been consistently strong over the last 2 years, a trend that continues into 2014. With a current vacancy rate of 6.8%, up from 5.7% in June 2014, we are competing well with the historic vacancy average of 7.4%. The health of this market has encouraged a surge of growth with an expected growth rate of 2.6%, or 332,000 SF of planned new industrial space, with the majority of it occurring in Essex, South Burlington and Colchester. New development in this area has consisted of a few notable projects. Bob Miller of Miller Realty Group has recently developed a 42,000 SF flex space building in Williston, the first spec building in recent history. Miller Realty Group plans to bring on line two additional spec buildings, both high flex bay warehouses in Essex, containing 180,000 SF and 160,000 SF. Autumn Harp has expanded their facility with a 54,000 SF addition to their location in Essex and Nedde/Essex, LLC has planned to add an additional 100,000 SF building to the Blodgett Oven building in Essex. *Data provided by Census Bureau, Homefacts and December 2014 Allen & Brooks Report

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