In the back half of 2020, several large-scale speculative construction projects or expansions at existing industrial parks were announced in multiple markets. In several cases, developers moved ahead with entitlements hoping to land a sizeable build-to-suit for a new-to-market or expanding tenant.
The pace of long-term demand could moderate in 2021 as some developers get ahead of tenants signing for space which would slow down deliveries in the short term.
