The overall decrease in the construction of logistics centers is having a noticeable impact on the total square footage of new industrial projects. However, despite the slowdown in logistics-centric construction, there are clear signs that manufacturing is gaining momentum and driving industrial real estate development.
As some markets are already capitalizing on the surging manufacturing wave, using data provided by CommercialEdge, CommercialSearch set out to identify the markets with the most new industrial supply underway, as well as the largest properties scheduled for delivery this year.
Here are some local highlights:
- The Denver market is home to the 5th-largest industrial development to be delivered in 2024 — the 3.5-million-square-foot Loveland Commerce Park, located at 6425 Byrd Drive. The new Amazon industrial facility is scheduled for completion by Q4 2024.
- The market currently has 8 million square feet of new industrial space in the works, placing it 13th nationally. That represents roughly 3% of the city’s current industrial stock.
Loveland Commerce Park
The decision by Amazon to locate a distribution and fulfillment center in the City of Loveland came after the Loveland City Council approved the annexation and rezoning of 152 acres of land at the southwest corner of CR-30 and I-25. City departments and divisions including economic development, development services, traffic, utilities and fire, along with developer Trammell Crow worked together with Amazon to facilitate the details of the fulfillment center and assist with property annexation, site planning and development needs.
“The City of Loveland has been a welcoming partner in this new development known as Loveland Commerce Park,” stated Bill Mosher, senior managing director of Trammell Crow Company’s Denver Business Unit, in a 2022 press release. “The city clearly identified its priorities and requirements to assure that we could effectively respond with a high-quality asset on the I-25 corridor.”
The Byrd Drive fulfillment center stands to be Amazon’s second-largest industrial development this year, only behind another fulfillment center in Johnston, R.I., which will stand at 3.86 million square feet.
