The developer remains committed to expansion, driven by the seemingly unrelenting demand for industrial space in North Fort Worth.
Construction is set to begin on industrial spec buildings, covering approximately 1.5 million square feet. The new phase will feature three Class A facilities, with westport 11 potentially becoming one of the largest state-of-the-art distribution centers in the nation, spanning over 2 million square feet, according to Tony Creme, senior vice president.
An Expansive Land Planned for Development is poised to transform the local community. With visions of residential areas, shopping centers, and green parks, the project aims to blend urban conveniences with natural beauty, creating a vibrant, sustainable environment for future residents and businesses.
Two of the new buildings will be situated in northport, which is also the site of the recently announced 1.2-million-square-foot distribution center. The remaining building will be located in westport. All three projects are scheduled to start construction in March and are expected to be completed by the fourth quarter.
Northport 4 and northport 5 will measure 225,472 square feet and 224,930 square feet, respectively. Westport 11 will initially cover 1 million square feet and feature a 40-foot clear height in its cross-dock design.
Creme noted that the growing trend of securing deals over 1 million square feet and the high demand for space in the area prompted the company to develop westport 11 with the potential to expand to 2 million square feet. This design aims to accommodate major users.
With these three new projects, the total speculative space initiated over the past year approaches nearly 4 million square feet.
The demand has been extraordinary, with businesses eager to establish themselves in this transit-rich development. The success has even led to the emergence of a new sub-sector known as “Adjacent,” highlighted by Stream Realty’s recent announcement of a 1.1 million-square-foot speculative development.
The industrial real estate momentum in North Fort Worth is noteworthy. According to CBRE Research for the fourth quarter, despite 3.8 million square feet of new deliveries in 2018, the market absorbed 2.4 million square feet and maintained a vacancy rate of 5.8 percent. Additionally, North Fort Worth secured two of the largest leases last quarter, with Dematic occupying 707,000 square feet at Synergy Crossing and Smart Warehousing leasing 269,500 square feet at center north 15.
Creme highlighted that the ongoing expansion of the airport, improvements along I-35, and 33 consecutive quarters of positive absorption are all driving speculative development in the region. He also noted that increasing land prices are likely to prevent overbuilding, maintaining strong confidence in the industrial market for the foreseeable future.
