New Tenants and Construction Challenge Recession ClaimsTAMPA, FL-- CB Richard Ellis (CBRE) is pleased to have represented IDI in their lease of 147,197 square feet to American Tire Distributors, at Madison Business Center, Building E. (photo top right)
Rick Narkiewicz, (photo below at left) First Vice President and industrial real estate broker with CBRE, negotiated the lease on behalf of the landlord. Texas-based, tenant representation firm Jackson & Cooksey Inc. represented the tenant. American Tire Distributors is scheduled to occupy this summer and will be tripling its capacity in Tampa at the state-of the-art facilities of Madison Business Center.
Madison Business Center, IDI's first business park in the Tampa market, has been built to higher standards than past generations of industrial product. The building has a minimum of 28' clear height for increased warehouse clearance, deeper truck courts and wider column spacing. These features, paired with the ESFR fire suppression system, should reduce American Tire's operating costs, give greater cubic capacity and are likely to lower insurance premiums.
"This n
ew generation of distribution facilities is enabling companies to increase their cubic capacity while reducing their amount of rental square feet. I am seeing more companies wanting the 28' and 30' clear warehouse so they can reduce operating costs," remarks Narkiewicz.
The American Tire expansion, among others, has lead Narkiewicz to question recent claims of a recession, "Over the past two quarters, Tampa has experienced a significant amount of leasing activity from prominent national-credit tenants at record high lease rates. From my perspective this demonstrates that many larger companies understand the importance of servicing the Tampa Bay area and are taking the necessary steps to grow their market share. "
Narkiewicz also talks about the strong foundation of Tampa's industrial market where the vacancy rate is near a historic low of below 5 percent. "Demand for quality facilities is steady, rental rates have reached records highs and rental concessions are minimal," says Narkiewicz. "At Madison Business Center, prospective tenants are already talking to us about our next buildings, with several large build-to-suit tenants seriously considering the location."
Commenting on recent speculative developments in the industrial market, Narkiewicz says, "[It] has filled a serious void and will help bring the market towards equilibrium. Additionally, having multiple relocation options available will attract companies and new jobs to the Tampa Bay area."
About IDI
(http://cbremarketing.com/ve/ZZN702863C6128P88nb2/stype=click/OID=108317172942335/VT=0) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to meet its tenants' distribution, warehouse and light-manufacturing needs. To date, IDI has developed 115 million square feet of industrial space valued at $5.6 billion. IDI has development offices in Atlanta, Cincinnati, Chicago, Dallas, Fort Lauderdale, Los Angeles, Memphis and Philadelphia.
Madison Business Center, IDI's first business park in the Tampa market, has been built to higher standards than past generations of industrial product. The building has a minimum of 28' clear height for increased warehouse clearance, deeper truck courts and wider column spacing. These features, paired with the ESFR fire suppression system, should reduce American Tire's operating costs, give greater cubic capacity and are likely to lower insurance premiums.
"This n
ew generation of distribution facilities is enabling companies to increase their cubic capacity while reducing their amount of rental square feet. I am seeing more companies wanting the 28' and 30' clear warehouse so they can reduce operating costs," remarks Narkiewicz.The American Tire expansion, among others, has lead Narkiewicz to question recent claims of a recession, "Over the past two quarters, Tampa has experienced a significant amount of leasing activity from prominent national-credit tenants at record high lease rates. From my perspective this demonstrates that many larger companies understand the importance of servicing the Tampa Bay area and are taking the necessary steps to grow their market share. "
Narkiewicz also talks about the strong foundation of Tampa's industrial market where the vacancy rate is near a historic low of below 5 percent. "Demand for quality facilities is steady, rental rates have reached records highs and rental concessions are minimal," says Narkiewicz. "At Madison Business Center, prospective tenants are already talking to us about our next buildings, with several large build-to-suit tenants seriously considering the location."
Commenting on recent speculative developments in the industrial market, Narkiewicz says, "[It] has filled a serious void and will help bring the market towards equilibrium. Additionally, having multiple relocation options available will attract companies and new jobs to the Tampa Bay area."
About IDI
(http://cbremarketing.com/ve/ZZN702863C6128P88nb2/stype=click/OID=108317172942335/VT=0) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to meet its tenants' distribution, warehouse and light-manufacturing needs. To date, IDI has developed 115 million square feet of industrial space valued at $5.6 billion. IDI has development offices in Atlanta, Cincinnati, Chicago, Dallas, Fort Lauderdale, Los Angeles, Memphis and Philadelphia.
Also, IDI Services Group (http://cbremarketing.com/ve/ZZN702863C6128P88nb2/stype=click/OID=608317172942619/VT=0/VT=0) provides comprehensive property management, leasing and construction management services, curren
tly managing more than 60 million square feet of property for IDI tenants, including third-party owners such as pension funds and insurance companies.
tly managing more than 60 million square feet of property for IDI tenants, including third-party owners such as pension funds and insurance companies.CONTACTS:
Rick Narkiewicz
813.273.8444
rick.narkiewicz@cbre.com
Lauren Crawford
813.273.8482
lauren.crawford@cbre.com
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