Last week, Beki Dobson shared an overview of industrial real estate. But beyond learning about the three different types of industrial real estate, it’s important to understand the role of this specialized kind of real estate in local, national, and global markets. What drives the industrial real estate market as a whole?
The Role of Industrial Real Estate
It’s not always at the forefront when we discuss global supply chains, but the role of industrial real estate cannot be overlooked. Industrial real estate serves as the conduit by which the world’s goods move to the markets from the makers themselves. The term is used to describe a range of facilities, including those used for manufacturing and production, research and development, and storage and distribution. This level of versatility tends to surprise people, who assume that industrial real estate is made up of big warehouses filled with “stuff.” On the contrary, most industrial real estate facilities are used to create and move the goods of the world.
Driving Demand
Investing in industrial real estate is often seen as a strategic move, because consumption is the key driver for industrial real estate – and that isn’t going away anytime soon. Trade and supply chain configuration also play a role in driving demand for these kinds of facilities, and particularly for those with modern features and upgrades and a prime address near key transportation hubs. Consumer markets are ever-evolving, and as new companies continue to fill various niches, they need supply chains that can keep up. In other words, they need high quality, well-located industrial facilities.
Here in northern Nevada, our market serves as a centrally-located hub for distribution to western states – one of its many selling points. That’s an important consideration for any company does business on the West Coast. Just as in real estate as a whole, location is everything. Typically, industrial real estate is clustered along key transportation hubs, including freeways, rail junctions, airports, and seaports. Infill locations – a natural response to the rising demand for overnight shipping – are also increasingly common.
If you’re investigating industrial real estate on the West Coast, Miller Industrial Properties is here to answer your questions. Our firm is the longest-running boutique agency in the area, and we have the experience and the local market knowledge to steer you well. Contact us today to discuss the northern Nevada market and industrial real estate as a whole.
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