Industrial Demand Drives EverWest’s 2022 Lease Activity
Demand for industrial space drove 2022 lease activity for Denver-based EverWest Real Estate Investors. Of the company’s almost 2 million square feet leased during the past 12 months, industrial deals made up 80 percent of all leases signed.
EverWest leased 1,989,719 square feet in 2022. More than 1.73 million square feet of this space came from new lease activity – with more than 1.56 million square feet of that space falling in the industrial lease category.
“Markets close to ports on the East and West coasts – like Los Angeles and Miami – and markets able to offer an inland port scenario with expansive workforces – like Nashville and Phoenix – took down a significant portion of our signed lease commitments this year,” said EverWest Senior Managing Director and Head of Asset Management, Krystal Arceneaux. “In each of these scenarios, EverWest’s portfolio of well-located, institutionally managed properties aligned with the needs of today’s modern users, particularly in the warehouse and distribution logistics sectors.”
Highlights of the year included full-building leases at EverWest industrial properties in Chandler, Arizona; City of Industry, California; Sugar Land, Texas; Alpharetta, Georgia; and Nashville, Tennessee. Leases were completed with global and Fortune-ranked companies such as Apple, Becton Dickinson and New York Life, as well as local and regional firms spanning the medical, third-party logistics, graphics/printing, media and food packaging industries.
In San Jose, EverWest completed the 100 percent lease-up of a multi-year undertaking, at which it acquired and entitled the land, and fully developed an 80,260 square-foot Class A office building, underscoring its diverse capabilities as a commercial real estate advisor, investor, developer and manager.
“Most companies in 2022 were on a fast-track schedule to meet pressing needs correlating with inflationary and economic factors, however, most projections would suggest a slowdown in demand for all product types in 2023,” said Arceneaux.
Still, EverWest predicts an uptick in the company’s overall leasing activity for 2023, to 3.1 million square feet, based in part on its expanded portfolio of office and industrial buildings.
EverWest continues to actively invest, own and lease in office, industrial and multifamily assets across key U.S. growth markets.