Prologis has acquired a warehouse at 18-51 Flushing Avenue in Ridgewood from Frito-Lay for $37.6 million, city records show. The industrial property spans 19,200 square feet, and features 86,555 square feet of unused development rights.
- Worth Noting: The site benefits from an 105,555-square-foot lot, which includes a parking lot where the chips company stored its trucks.
- Be Smart: New warehouse construction across North America is expected to outstrip demand over this year and next, which is the first time this will happen since 2009. Cushman & Wakefield found that developers are expected to deliver about 301 million SF of new warehouse space this year, while tenants will lease about 242 million SF. The report found that builders will deliver another 272 million SF in 2021, outpacing projected demand of 218 million SF.
- Macro perspective: Space remains tight by historical standards. Vacancy rates are forecast to rise to 5.2% by the end of 2021 from 4.6% at the end of last year… However, asking rents are expected to rise to $6.95 per foot by the end of 2021 from $6.51 per foot as of the end of last year, according to the WSJ.